FacebookTwitterLinkedInTelegramCopy LinkEmail

FTX Founder Faces Restrictions in Robinhood Shares Battle

FTX Founder Faces Restrictions in Robinhood Shares Battle

The battle for Robinhood shares is intensifying as the founder of FTX, Sam Bankman-Fried, faces increased charges from the US Department of Justice.

The Southern District of New York requested that Bankman-Fried’s mobile communication be limited to a non-internet-enabled phone and whitelisted sites on his laptop using a specific VPN. The court filing also requires the government to know Bankman-Fried’s mobile device’s IMEI, SIM, MAC, and IMSI numbers, as well as a new laptop’s IP and MAC addresses.

Bankman-Fried’s computer use is limited to specific GSuite products such as Google Drive and Docs and a few entertainment platforms like Netflix and Spotify.

He can also browse certain news sites, including Bloomberg and the Wall Street Journal. Additionally, his parents are required to install monitoring software on all devices in their household, and Bankman-Fried is prohibited from buying any new devices.

The charges against Bankman-Fried include four fraud-related charges and four counts of conspiracy in connection with his management of FTX.

According to prosecutors, Bankman-Fried colluded with other FTX employees to unlawfully donate customer funds to politicians during the 2022 US mid-term elections.

READ MORE: Ethereum: Should we Expect Selling Pressure After the Next Update?

Furthermore, Nishad Singh, his former engineering head, has already pleaded guilty to criminal charges connected to FTX’s involvement with its affiliate market maker, Alameda Research.

Meanwhile, crypto lender BlockFi is fighting to reclaim Bankman-Fried’s Robinhood shares amid its bankruptcy proceedings. The ownership of Robinhood shares is disputed between FTX and BlockFi. FTX believes that the shares belong to Alameda, whereas BlockFi claims that Bankman-Fried owned them through Emergent Technologies. Recently, the judge presiding over BlockFi’s bankruptcy case ordered Silvergate to return BlockFi’s deposit of $9.85 million.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

Learn more about crypto and blockchain technology.