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US DoJ Is Seizing Banking Assets, Robinhood Shares Linked to FTX, Court Told
Officials may later seek to have Sam Bankman-Fried forfeit the assets, potentially including as much as $450 million in stocks, to avoid benefiting from crimes
Updated Jan 4, 2023, 8:20 p.m. Published Jan 4, 2023, 8:14 p.m.
The U.S. Federal government has seized or is in the process of seizing a number of assets potentially linked to bankrupt crypto company FTX, including a number of shares in trading app Robinhood, officials have told a virtual court hearing in Delaware.
The assets could later be subject to forfeiture proceedings, as Department of Justice cases against FTX’s former chief Sam Bankman-Fried and senior executives Gary Wang and Carolyn Ellison continue.
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FTX, which filed for bankruptcy Nov. 11, has asked a federal court to weigh in on the ownership of about $450 million worth of Robinhood shares. The shares' ownership is disputed between bankrupt crypto lender BlockFi, Bankman-Fried, and FTX creditor Yonathan Ben Shimon.
One of the motions put forward was “related to Robinhood shares, which the federal government has also seized,” Department of Justice counsel Seth Shapiro told a Delaware bankruptcy court Wednesday.
“We believe that these assets are not property in the bankruptcy estate” or are subject to exemptions, meaning they don't have to be frozen like most FTX assets are, pending wind-up, Shapiro told Judge John Dorsey.
Shapiro said assets had been seized or were in the process of being seized from a number of banks, mentioning the name Silvergate, a lender closely tied to FTX, and could be later subject to civil or criminal forfeiture proceedings, a process to stop criminals benefiting from the proceeds of crime.
A Sullivan and Cromwell attorney appearing on a screen labeled Brian Glueckstein, who represents FTX, later said he wanted to clarify that these seizures were tied to the Department of Justice's ongoing prosecution of Bankman-Fried, rather than FTX's bankruptcy case as a civil matter.
On Tuesday Bankman-Fried pleaded not guilty to a range of DoJ charges including money laundering and wire fraud.
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Canadian Province Wins Forfeiture of $1M QuadrigaCX Co-Founder's Cash, Gold via Default Judgment
The ruling transfers cash, gold bars, watches, and jewelry seized from a CIBC safety deposit box and bank account into government hands after Patryn did not defend the case.
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- The Supreme Court of British Columbia has forfeited $1 million in cash and gold tied to QuadrigaCX's co-founder, Michael Patryn, to the government.
- Patryn did not contest the forfeiture, which involved 45 gold bars, luxury watches, and over $250,000 in cash seized under an Unexplained Wealth Order.
- The forfeiture may lead to a process determining if any assets can be directed to QuadrigaCX's creditors, who received 13 cents on the dollar in the bankruptcy settlement.
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