U.S. Moves to Seize Robinhood Shares, Silvergate Accounts Tied to FTX

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Crypto imploded in 2022, as investors lost faith in digital assets and the industry was plagued with crisis. But unlike other collapses, it has largely avoided rippling into other markets. WSJ explains how crypto became so interconnected. Illustration: Mallory Brangan

Federal authorities are moving to seize hundreds of millions of dollars in assets in the U.S. tied to the bankrupt cryptocurrency exchange FTX, a sign that the battle over control of the company’s remaining funds is escalating.

Seth Shapiro, a Justice Department official, said at an FTX bankruptcy court hearing Wednesday that the federal government has seized or is in the process of seizing Robinhood shares whose ownership is disputed by FTX and BlockFi, a cryptocurrency lender that collapsed in late November. The Wall Street Journal previously reported that the dispute involves 56 million shares.

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