Robinhood Strikes $605.7M Deal With U.S. Marshals To Reclaim Shares Seized From Bankrupt FTX Founders
According to Reuters’ recent report, Robinhood Markets Inc. (HOOD) has announced a staggering $605.7 million deal with the United States Marshal Service (USMS) to buy back shares previously owned by Sam Bankman-Fried and Gary Wang, the co-founders of the now-bankrupt crypto exchange FTX.
Robinhood Makes A Bullish Move
Robinhood Markets Inc. (HOOD.O) announced this Friday that it has inked a $605.7 million share buyback deal with the United States Marshal Service (USMS) to reclaim stock originally owned by Sam Bankman-Fried’s holding company, Emergent Fidelity Technologies.
The U.S. government took custody of Robinhood’s shares following the bankruptcy filings last year of Bankman-Fried’s FTX exchange and his holding firm, Emergent Fidelity Technologies.
The crypto trading platform revealed that the U.S. District Court for the Southern District of New York has greenlit the sale of 55.3 million shares at a price of $10.96 each. Robinhood initially made its intent known in February, stating that its board had given the go-ahead to proceed with buying back most or all of the seized shares.
A mere half-year before FTX’s bankruptcy filing last November, Bankman-Fried disclosed owning a 7.6% stake in Robinhood. Despite this significant stake, he had no plans to seize control of the retail trading service. Bankman-Fried expressed enthusiasm about Robinhood’s business outlook and hinted at potential collaborations between the two platforms.
Once a prominent figure in the crypto boom, Bankman-Fried had amassed an estimated net worth of $26 billion and had become a notable political contributor in the United States. However, the downfall of FTX wiped his once-staggering wealth.
SBF Is Set To Face Trial In October
Set for trial in October, unless delayed, Sam Bankman-Fried, the founder of the now-insolvent FTX exchange, continues to assert his innocence against the charges he faces. The former CEO of the exchange reportedly plans to enlist expert witnesses in his defense to substantiate his claims of innocence.
Sam Bankman-Fried is reportedly assembling a team of seven expert witnesses to strengthen his defense. These specialists are expected to be compensated at a rate of $1,200 per hour for their testimonies in support of FTX’s erstwhile CEO.
With such rates, the defense’s expenditures for these expert witnesses alone could reach a staggering $8,400 per hour—a significant sum considering that high-profile trials of this nature often extend over a lengthy period.
Per the notice from the defense, Bankman-Fried’s expert witnesses are set to provide insights on a range of topics. These include campaign finance regulations, the financial workings of FTX and its affiliated company Alameda Research, as well as the software architecture of the crypto exchange.
In response to Bankman-Fried’s announcement of his expert witnesses, the government has submitted a motion to disallow their testimonies. Prosecutors contend that the credentials of these experts, along with their submitted disclosures, are fraught with “various shortcomings” that warrant their exclusion from the case.
Robinhood to Buy Back $605.7M in Stock from FTX Founder; Court Approves Deal!

Robinhood, the online brokerage company, has been approved by the US District Court in New York to buy back $605.7 million worth of shares owned by FTX founder Sam Bankman-Fried. The approval comes after a legal battle between the two companies over Robinhood’s decision to restrict trading in certain stocks, including GameStop, in early 2021. As part of the settlement, Bankman-Fried agreed to sell his shares back to Robinhood at a price determined by an independent valuation. The buyback is expected to be completed in the coming weeks.
Robinhood Revealed as a Top Holder of Ethereum and Bitcoin!
The post Robinhood Revealed as a Top Holder of Ethereum and Bitcoin! appeared first on Coinpedia Fintech News
Robinhood, a popular trading app, has been revealed as a top holder of Ether as well as Bitcoin. According to Arkham Intelligence, Robinhood’s ETH wallet holds roughly $2.54 billion worth of the cryptocurrency. This makes it the fifth-largest ETH wallet in the world. Robinhood has gained popularity among retail investors for its commission-free trading platform. The platform’s growing presence in the cryptocurrency market is a testament to the increasing mainstream appeal of digital assets.
Robinhood Revealed as Owner of the Mystery $3 Billion Bitcoin Wallet!

Robinhood Markets Inc., the popular trading app, has been revealed as the owner of a mysterious $3 billion worth of Bitcoin wallets. The wallet, which has been the talk of the cryptocurrency industry for years, has finally been linked to the company. While it’s unclear what Robinhood plans to do with the massive amount of Bitcoin, the discovery confirms the company’s keen interest in the digital asset space. Robinhood has been on a mission to bring in more cryptocurrency investors through its platform, and with this discovery, it’s likely to attract even more attention from the crypto community.
Tradecurve or Robinhood? An Unbiased Comparison of Two Platforms
In the rapidly evolving world of trading, two platforms stand out with unique offerings and innovative features: Tradecurve and Robinhood. While Tradecurve is a new entrant aiming to revolutionize the trading landscape, Robinhood has already made a name for itself as a user-friendly platform. Let’s dive into an unbiased comparison of these two platforms.
Tradecurve: A Glimpse into the Future
Tradecurve is a promising trading platform that aims to redefine the trading experience. Here’s a detailed look at its features:
Hybrid Trading Model: Tradecurve plans to merge the benefits of centralized and decentralized exchanges. This means users can enjoy the security of centralized platforms while leveraging the flexibility and privacy of decentralized systems. It will enable trading across cryptocurrencies, stocks, forex, and commodities from one account.
High Leverage: With up to 500:1 leverage, Tradecurve aims to provide traders with significant exposure to markets, allowing them to control larger positions with a smaller amount of capital. This can amplify profits but also comes with increased risks.
No KYC Requirements: Unlike traditional platforms, Tradecurve intends to allow crypto deposits and trading without strenuous Know Your Customer (KYC) procedures. This feature caters to privacy-conscious traders who prefer to trade without revealing personal information.
Algorithmic and AI Trading: Tradecurve’s planned integration of algorithms and AI will enable users to automate trading strategies, potentially increasing efficiency and profitability. It opens doors for both novice and experienced traders to leverage technology for optimized trading.
Anonymity: Emphasizing privacy, Tradecurve’s DeFi capabilities will create an environment where users can trade with full anonymity. This feature resonates with investors concerned about privacy in an increasingly transparent world.
Robinhood: Democratizing Finance
Robinhood has become a household name in the trading community, known for
its accessibility and user-centric approach. Here’s a detailed look at Robinhood’s features:
Commission-Free Trading: Robinhood broke industry norms by offering commission-free trading across stocks, ETFs, options, and cryptocurrencies. This has lowered the barrier to entry for many new investors, making the financial markets more accessible.
User-Friendly Interface: Robinhood’s app is designed with simplicity in mind. Its intuitive interface allows even beginners to easily navigate the platform, execute trades, and manage their portfolios without any hassle.
Investment Tools: Robinhood offers a variety of tools and resources to assist users in making informed investment decisions. From real-time market data to personalized news feeds, Robinhood provides valuable insights to help users understand market trends.
Cash Management: Robinhood’s cash management feature allows users to earn interest on uninvested cash. It offers a competitive APY and a debit card, enabling users to spend and manage their money seamlessly.
Fractional Shares: With Robinhood, users can invest in fractional shares of high-priced stocks. This means that even with a small amount of capital, investors can participate in the growth of companies that might otherwise be out of reach.
Options Trading: Robinhood provides a platform for options trading, allowing users to speculate on price movements or hedge their investments. Its educational resources guide users through the complexities of options trading.
Cryptocurrency Trading: Robinhood has embraced the crypto revolution by offering trading in popular cryptocurrencies. Its secure and straightforward platform has attracted many crypto enthusiasts.
Educational Resources: Robinhood’s commitment to investor education is evident in its wide array of tutorials, guides, and articles. These resources empower users to learn about investing, trading strategies, risk management, and more.
Tradecurve vs. Robinhood: Comparing Features of Benefits
Trading Options: Tradecurve aims to offer a wide array of assets, including cryptocurrencies, stocks, forex, and commodities, all from one account. Robinhood, on the other hand, focuses on stocks, ETFs, options, and cryptocurrencies, providing a more streamlined approach.
Leverage: Tradecurve’s high leverage of up to 500:1 is designed to attract experienced traders looking for significant market exposure. Robinhood takes a more conservative approach, aligning with its mission to make trading accessible to all.
Anonymity: Tradecurve emphasizes anonymity and privacy, allowing crypto deposits and trading without strenuous KYC procedures. Robinhood operates with full transparency, adhering to standard verification procedures, reflecting its commitment to compliance and security.
Technology: Tradecurve plans to introduce cutting-edge features like algorithmic and AI trading, appealing to tech-savvy traders. Robinhood offers a straightforward, user-friendly platform, focusing on simplicity and ease of use.
Accessibility: Robinhood’s fractional shares, commission-free model, and educational resources make it accessible to a broad audience, from beginners to seasoned investors. Tradecurve’s no-KYC policy and crypto collateral options cater to a specific market segment that values privacy and flexibility.
Education: While Tradecurve is set to launch a trading academy for new traders, Robinhood already offers a wide array of tutorials, guides, and articles to empower users to learn about investing and trading strategies.
Cryptocurrency Trading: Both platforms embrace cryptocurrency trading, but Tradecurve’s hybrid model aims to provide deeper liquidity and anonymity. Robinhood offers secure and straightforward crypto trading, reflecting its user-centric approach.
Fees and Commissions: Tradecurve’s fee structure is yet to be revealed, but its high leverage and no-KYC policy indicate a focus on competitive trading conditions. Robinhood’s commission-free trading has been a game-changer in the industry, lowering barriers to entry.
Conclusion: Tradecurve or Robinhood?
Tradecurve and Robinhood cater to different market segments and offer unique features that set them apart. Tradecurve’s futuristic approach, with its hybrid model, high leverage, and focus on anonymity, represents a bold new direction in trading. Robinhood’s user-friendly interface, commission-free trading, and commitment to education have already established it as a leader in democratizing finance.
Choosing between Tradecurve and Robinhood will depend on individual preferences, investment goals, risk tolerance, and values. While Tradecurve promises innovation and flexibility, Robinhood delivers accessibility and transparency. Both platforms present exciting opportunities, and the choice ultimately boils down to what aligns best with the investor’s needs and expectations.
Investors looking for a blend of traditional and decentralized trading may find Tradecurve appealing, while those seeking a straightforward and accessible platform may lean towards Robinhood.
For more information about the Tradecurve (TCRV) presale:
Website: https://tradecurve.io/
Telegram: https://t.me/tradecurve_official
Cardano Price Crashes Below $0.3 Levels as Robinhood and Celsius Sell-Off ADA Tokens
The Cardano (ADA) community is currently expressing concern over the recent news of Robinhood and Celsius selling ADA tokens. This wave of concern has sparked worry among community members, raising questions about the potential impact of a large-scale liquidation of ADA by these platforms.
The reasons behind these platforms’ decisions differ, but the prospect of a significant sell-off has raised alarm bells. However, others find themselves at odds with the situation, highlighting Robinhood’s cutoff date of June 27th as a significant factor.
Examining the data shared by Chris on Twitter, Robinhood’s ADA holdings amount to 30 million, while Celsius holds 26 million. With a 24-hour ADA trading volume of nearly $200 million, the total holdings of both platforms account for a quarter of that volume. Notably, Robinhood sold all ADA held in users’ accounts as of June 27th, converting it into buying power within the platform.
Amidst the concerns over Robinhood and Celsius, Cardano received positive news as the Hong Kong Virtual Asset Consortium launched a virtual asset index. This index, which includes ADA along with other prominent cryptocurrencies like Bitcoin and XRP, is one of the first institutional-grade products of its kind in Asia.
ADA Price Action
There are several factors pointing towards a potential upswing in the near future for ADA. One such factor is the higher accumulation observed at the $0.24 price level, which indicates increased interest and investment in cryptocurrency.
Additionally, if ADA manages to break through the $0.3 barrier in a bullish breakout, it could experience a significant 20% upswing in its price. This breakout would signal a strong upward momentum and could attract further buying activity.
Robinhood Layoffs 7% of Full-Time Employees
The post Robinhood Layoffs 7% of Full-Time Employees appeared first on Coinpedia Fintech News
Robinhood Markets, a company based in Menlo Park, is reducing its full-time workforce by 7% as a result of a decline in its customer base. The company plans to implement changes based on factors such as volume and workload. In an effort to address weaknesses in its trading unit, Robinhood recently acquired financial technology firm X1 for $95 million in cash. The company aims to improve cost management and create new sources of revenue. In the latest quarter, Robinhood exceeded revenue expectations, which can be attributed to the Federal Reserve’s rapid rate hikes in the United States.
DOGE Holdings on Robinhood Soar, Customers Secure $1 Billion with 11.16% Growth
Robinhood, the popular trading app, has recently experienced a remarkable increase in Dogecoin (DOGE) holdings among its customers, with the total amount rising by $1 billion, marking an impressive 11.16% surge within just one month.
According to a tweet from @DogeWhaleAlert, a prominent wallet tracker, Robinhood’s total DOGE stash on behalf of its clients has soared by 11.16% since the end of May. In May, the platform’s wallets held 22,641,958,530 DOGE, valued at approximately $1,598,454,346.
Fast forward to the present, and the data reveals a staggering rise in Robinhood’s DOGE holdings, currently standing at 38,317,905,469 DOGE, with a value of $2,579,369,807. This accumulation represents a significant increase of 27.39% compared to the 16.23% recorded on May 25.
The surge in Dogecoin holdings by Robinhood users is indicative of the growing interest and appetite for this meme-inspired cryptocurrency within the platform’s user base. It also highlights Robinhood’s role in facilitating accessibility and ease of trading DOGE for retail investors.
The surge in Robinhood users’ Dogecoin holdings and the overall interest in DOGE highlight the trading app’s instrumental role in popularizing this unique cryptocurrency. Robinhood’s user-friendly interface and accessibility have made it the preferred platform for retail investors venturing into the world of digital assets.
As the Dogecoin phenomenon continues to unfold, it will be intriguing to observe how Robinhood’s expanding user base and its growing DOGE holdings contribute to the overall market dynamics of this popular meme cryptocurrency.
SEC Lawsuit Fallout: Binance.US Implements Layoffs, Robinhood Surpasses Coinbase in Market Share
According to a recent report from Reuters, Binance.US has undergone significant layoffs following a lawsuit filed by the US Securities and Exchange Commission (SEC) accusing the cryptocurrency giant of violating federal securities laws.
Insiders familiar with the matter revealed to Reuters that Binance.US has laid off a minimum of 50 employees since the lawsuit was filed. The sources disclosed that individuals from Binance’s legal, compliance, and risk departments were among those let go. Due to the sensitive nature of the issue, the sources requested anonymity.
SEC goes after two of the largest crypto players
Earlier this month, on June 5, the SEC filed a lawsuit against Binance and its CEO, Changpeng Zhao, alleging the creation of a deceptive network to circumvent securities laws. However, Binance has expressed its firm commitment to defending itself vigorously against these accusations.
The SEC also sought to freeze the funds of Binance.US, citing concerns over the potential dissipation of assets. However, earlier this week, a judge rejected the proposal, emphasizing that reaching a mutual settlement would be in the best interest of both parties.
Coinbase, on the other hand, has experienced a loss in market share to Robinhood as a significant number of retail crypto traders have migrated from Coinbase to the latter. Analyst Dan Dolev from Mizuho Securities suggests that Coinbase may be losing market share in terms of retail crypto transaction volume to Robinhood.
Dolev points out that regulatory pressures stemming from the SEC’s actions against cryptocurrencies or an increase in small-ticket retail trading fees at Coinbase could explain these potential share losses. Dolev analyzed Coinbase’s shareholder letter and Robinhood’s monthly metrics report, indicating that either Coinbase is losing market share to Robinhood or their take rates, representing earnings per transaction, have declined. Dolev advises caution against assuming that retail take rates have remained constant or decreased.
Coinbase encountered an initial decline of 5.5% in its shares on Thursday, primarily attributed to a broader decrease observed in cryptocurrency-related stocks. However, the decline was later mitigated, resulting in relatively unchanged stock prices. Nonetheless, Coinbase shares have seen an overall increase of approximately 50% this year. Robinhood’s stock, on the other hand, has exhibited minor fluctuations between gains and losses.
Robinhood to Delist Cardano, Solana, and Polygon after SEC Crackdown
Robinhood, the well-known trading platform, has announced that it will no longer offer support for three specific cryptocurrencies starting June 27, 2023. The affected cryptocurrencies are Cardano (ADA), Polygon (MATIC), and Solana (SOL).
This decision comes shortly after the U.S. Securities and Exchange Commission (SEC) filed lawsuits against major cryptocurrency exchanges Binance and Coinbase. The lawsuits alleged that ADA, MATIC, and SOL were unregistered securities, highlighting potential compliance issues.
They shared, “Earlier this week the SEC sued crypto companies Binance and Coinbase and alleged that a number of cryptocurrencies are unregistered securities. This includes Solana (SOL), Polygon (MATIC), and Cardano (ADA), which are currently supported on the Robinhood Crypto platform.”
Robinhood added, “We regularly review the crypto we offer on Robinhood,” the firm shared in an update. Based on our latest review, we’ve decided to end support for Cardano (ADA), Polygon (MATIC), and Solana (SOL) on June 27th, 2023 at 6:59 PM ET.”
Prior to the delisting of Cardano, Polygon, Solana, users have the option to withdraw their assets if they prefer not to have them sold. However, it’s important to note that the ability to withdraw these crypto assets may not be available in all states.
“Any ADA, MATIC, and SOL still in your Robinhood Crypto account will be sold for market value, and the proceeds will be credited to your Robinhood buying power,” the company added.
The Solana Foundation addressed the claim that Solana (SOL) is a security on Thursday, asserting that SOL is, in fact, a community-driven project that depends on decentralized engagement from its users and developers.
Dan Gallagher, Chief Legal Compliance Officer at Robinhood and a former SEC commissioner, had earlier said that they are “actively reviewing the SEC analysis to determine what, if any, actions to take in that regard.”
Robinhood Might Delist Tokens Amid SEC Lawsuit Against Binance and Coinbase
In a recent tweet by @WuBlockchain, it has been revealed that Robinhood, the popular trading platform, is considering delisting several tokens following the Securities and Exchange Commission’s (SEC) lawsuit against Binance and Coinbase. The Cryptocurrencies in question are Solana, Polygon, and Cardano, among the 18 cryptocurrencies currently offered on Robinhood’s platform.
SEC Lawsuits Target Unregistered Securities:
The SEC lawsuit against Binance and Coinbase has sent shockwaves through the crypto industry, prompting Robinhood to reassess its cryptocurrency offerings. To ensure compliance with regulatory standards and avoid legal complications, Robinhood’s legal chief and former SEC commissioner, Dan Gallagher, testified before the House Agriculture Committee, stating that the brokerage is actively reviewing the regulator’s analysis to determine its next steps.
The potential delisting of tokens, including Solana, Polygon, and Cardano, has raised concerns among investors and crypto enthusiasts. These cryptocurrencies are well-established and widely traded, with significant user bases and market capitalizations. Delisting them could have far-reaching implications for the crypto market and investor portfolios.
Increasing Regulatory Scrutiny: Robinhood’s consideration to delist tokens aligns with the growing regulatory scrutiny on the cryptocurrency industry. Governments and financial regulators worldwide are intensifying efforts to establish clearer guidelines for digital assets, focusing on investor protection and preventing illicit activities.
Robinhood’s Response and Compliance Efforts
In response to the regulatory crackdown, Robinhood is reviewing its crypto offerings as part of a broader effort to comply with evolving regulatory requirements. The company aims to maintain a compliant platform while ensuring a secure and user-friendly experience for its customers, as reported by Bloomberg.
The potential delisting of tokens by Robinhood raises questions about the future of Solana, Cardano, and Polygon, as well as the broader impact on their value. Investors and enthusiasts will closely monitor the situation, as any decision by Robinhood could have significant ramifications for the wider crypto market.
SEC Cracks Down on Robinhood Crypto! Could Your Favorite Coins Be Delisted?
The United States Securities and Exchange Commission (SEC) has issued a subpoena to the American trading platform Robinhood over its crypto listings. The recent development was brought to public light by Robinhood through its latest 10-K filing with the SEC.
Subpoena and Delisting Concerns
The SEC’s subpoena requests information about Robinhood’s custody measures and operations related to the assets it currently lists. Robinhood revealed that the investigative subpoena, which could damage its brand, was served to them following the bankruptcies that rocked the crypto scene last year. The platform noted that it could be forced to delist cryptocurrencies regarded as securities by the SEC or a court.
If that happens, Robinhood users might see some of their favorite coins, such as Ethereum (ETH), Shiba Inu (SHIB), and Dogecoin (DOGE), disappear from the platform. Much like Coinbase, Robinhood does not provide support for XRP due to the legal situation surrounding the asset.
SEC Chair’s Opinion
The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, explained why he believes all crypto tokens other than bitcoin are securities in an interview published Thursday by New York Magazine’s Intelligencer.
Gensler believes that the securities watchdog has all of the legal tools needed to oversee the crypto sector, adding that pretty much every sort of crypto transaction already falls under the SEC’s jurisdiction except spot transactions in bitcoin itself and the actual purchase or sale of goods or services with cryptocurrencies.
Gensler’s comments suggest that the SEC has its eyes on the entire crypto industry and could be targeting more platforms beyond Robinhood. According to Gensler, the SEC has the legal authority to regulate any token deemed security, which he believes includes almost every token other than bitcoin.
Mixed Reactions to Social Media
Following Gensler’s claim that all crypto tokens other than BTC are securities, a number of people took to social media to disagree with the SEC chief.
Lawyer Jake Chervinsky tweeted that “Chair Gensler may have prejudged that every digital asset aside from bitcoin is a security, but his opinion is not the law. The SEC lacks the authority to regulate any of them until and unless it proves its case in court. For each asset, every single one, individually, one at a time.”
Logan Bolinger, another lawyer, similarly said on Twitter: “In this country, judges — not SEC chairs — ultimately determine what the law means and how it applies. That doesn’t mean his thoughts are irrelevant. They’re just not dispositive.”
Robinhood’s Response
Robinhood has yet to comment on the SEC’s subpoena publicly. The company recently announced that it is planning to file for an initial public offering (IPO), which could be worth up to $40 billion. However, the subpoena could have an impact on Robinhood’s IPO valuation if it leads to a long and protracted legal battle with the SEC.
The Future of $600 Million Robinhood Shares in Jeopardy as Emergent Fidelity Files for Bankruptcy
Emergent Fidelity Technologies, a firm co-founded by FTX founder Sam Bankman-Fried and former executive Gary Wang has recently made headlines with its filing for Chapter 11 bankruptcy protection. This move has sparked questions about the future of the company and its valuable assets, particularly its 56 million shares of Robinhood Markets (HOOD) stock.
The Value of Robinhood Shares
With a current value of over $600 million, these Robinhood shares have quickly become a highly sought-after asset for various companies, including creditors of FTX. The shares have also been pledged as collateral to bankrupt crypto lender BlockFi, which placed its own claim on them last year.
Despite Bankman-Fried’s argument that he should retain control of the shares, federal officials moved to seize them in January. This has sparked a heated debate over who should have control over these valuable assets.
Ownership Structure of Emergent Fidelity
Bankman-Fried is the owner of 90% of Emergent Fidelity, while Wang holds the remaining 10%. However, with the bankruptcy filing, it is unclear what the future holds for the company and its assets.
The exact details of Emergent Fidelity’s bankruptcy filing could not be immediately obtained. It remains uncertain what debts the company is claiming at this time. The bank proceedings will start in the coming weeks and everyone is waiting to find out what the future holds for the creditors
How Much Robinhood is Holding in Shiba Inu and Ethereum?
Robinhood Markets Inc. (NASDAQ: HOOD) holds approximately 8 percent of its assets in Ethereum-based Shiba Inu. According to Coinbase director Conor Grogan, Robinhood holds approximately $266 million in Shiba Inu, per publicly tagged wallets. In total, Grogan noted that Robinhood holds approximately $3.37 billion in digital assets on Ethereum Virtual Machines (EVM).
Robinhood has significantly shifted to the crypto market in the past three years with its launch of the Polygon (MATIC) Web3 wallet. According to the trading company, Robinhood Wallet allows users to swap crypto with no fees through the Polygon network.
“Not including BTC, Robinhood holds less than half of a percent of assets on chains outside of Ethereum, and only about a million on MATIC. I found this interesting because Robinhood’s Wallet is on Polygon,” Grogan added.
The company holds Ethereum mostly in its assets amounting to about $3.35 billion. Otherwise, the company does not hold Polygon assets but has about $17.42 million on the Avalanche network.
Shiba Inu Bigger Picture
With about 1,287,999 holders, Shiba Inu has grown to a $6.3 billion valued ecosystem. However, it is the Shibarium beta launch that has sparked optimism in the Shiba Inu ecosystem. Notably, the layer 2 Shibarium network is expected to bring scalable Web3 development to the Shiba Inu ecosystem.
As such, several non-custodial crypto wallets including Atomic have announced the support of the Shibarium network.
Nonetheless, Shiba Inu’s price seems to have hit a rather strong psychological resistance level of around $ 0.000011521. Notably, it is at this level that Shiba Inu capitulated after the FTX fiasco late last year.
SBF’s Lawsuit Intensifies: DoJ to Seize $460M Stake in Robinhood
On Tuesday, Sam Bankman-Fried, former CEO of FTX, proclaimed his innocence regarding the various counts of U.S. criminal charges brought against him. Bankman-Fried, accompanied by his lawyer Mark Cohen and Christian Everdell, appeared at a hearing in the U.S. District Court in New York City. Court filings allege that Bankman-Fried is facing charges of conspiracy to commit securities fraud, wire fraud, and market manipulation.
Additionally, billions of dollars are missing from the FTX balance sheet, leading to accusations that Bankman-Fried misappropriated customers’ and investors’ money to fund risky Alameda businesses.
Will FTX Investors Get Justice?
The charges brought against Sam Bankman-Fried highlight the lack of clarity in crypto regulations and the need for financial institutions to adhere to higher standards. Despite its importance, this issue has been neglected by regulators for too long. The most pressing question is who will protect investors from predatory tokenomics and unclear regulations.
To the relief of FTX stakeholders, the US Department of Justice (DOJ) plans to seize approximately $460 million in Robinhood shares belonging to Bankman-Fried.
U.S. Attorney Seth Shapiro informed U.S. Bankruptcy Judge John Dorsey, who is overseeing the FTX bankruptcy proceedings, that the DOJ does not consider Robinhood’s 56 million shares worth an estimated $465 million to be part of the bankruptcy estate.
Legal experts believe that Bankman-Fried will face a long legal battle as a result. In addition, Caroline Ellison and Gary Wang have pleaded guilty to fraud charges and agreed to fully cooperate with government prosecutors against Bankman-Fried.
“It’s going to be a very tough task for Bankman-Fried to ultimately prevail at trial. And while Bankman-Fried could be hoping for leniency, he may end up with a more severe sentence than he originally bargained for,” Mark A. Kasten, a partner at law firm Buchanan Ingersoll & Rooney PC Counsel, noted.
Nonetheless, SBF has continued to maintain his stance that he is innocent, stating that he did not engage in any illegal activity and that the charges against him are unfounded. His legal counsel will continue to argue this position in court, but it appears unlikely that SBF will be able to escape the allegations unscathed.
The Securities and Exchange Commission (SEC) has also taken an interest in the case, with SBF facing potential civil charges from that agency as well. This is yet another reminder of how serious financial crimes are taken and serves to deter anyone from engaging in similar actions in the future.
Comparing The Top 3 Mobile Trading Apps: PrimeXBT, eToro, & Robinhood
There are three major players in the mobile app territory in the Apple App Store for iPhone and Google Play Store for Android devices. The three, in particular, were selected due to the wide range of products and services available to investors and traders.
The following comparison will put PrimeXBT, eToro, and Robinhood head-to-head and pick a winner based on which offers the most robust experience all around.
Invest and Trade Traditional Markets And Crypto On The Same App
Each app is available as a free download for Android and iPhone and enables access to each platform while on the go. Many users prefer the simplicity of the mobile app experience over the browser-based versions of each platform and use mobile apps exclusively.
All three mobile applications also offer users the ability to invest in and trade cryptocurrencies and traditional assets on the same platform. PrimeXBT’s list includes crypto, commodities, stock indices, and forex currencies; eToro offers stocks, ETFs, and cryptocurrencies; and Robinhood has crypto, stocks, ETFs, and options.
Regardless of who you go with, you can build a diverse portfolio of assets designed to withstand risk and increase the probability of strong ROI. Each platform allows you to buy crypto or go long or short any of the instruments listed on the platform. The primary difference here is that PrimeXBT provides up to 200x leverage on crypto, while other platforms don’t even come close.
UI Design And Platform Functionality Compared: Copy Trading Completes The Lineup
Regarding design and usability, eToro is the least visually appealing, with the website and app looking very standard and dull. PrimeXBT and Robinhood are much more stylish and user-friendly, with an appearance that resembles the digital asset class and is on par with high-end mobile applications.
Robinhood has an ultra-futuristic visual appeal, but for the extra flair, the platform passes on functionality and is very limited compared to PrimeXBT and eToro. For example, PrimeXBT and eToro each let users copy the trades of more skilled traders.
PrimeXBT’s Covesting copy trading module connects followers and strategy managers through a transparent leaderboard system that tracks all trading history and performance metrics. eToro’s social trading experience is a bit more popularity based. Traders must apply for the program with eToro, while PrimeXBT is a peer-to-peer trading community that anyone can join regardless of skill level.
24/7 Customer Service And Industry Accolades: PrimeXBT App Wins Forex Award
Each of the platforms has a glowing reputation. Robinhood has at times been in the spotlight for halting trading activity, but overall remains a trusted platform. eToro regularly works with big-name celebrities in its marketing campaigns, while PrimeXBT prefers to work with top traders and influential figures from the finance and cryptocurrency industries.
Users can connect to 24/7 customer services 365 days per year. All three platforms are also known for their strong security, with none of the companies ever being subject to a breach or hack. The apps have additional security features, such as two-factor authentication.
Only one of these three apps has won an award for outstanding all-around performance in its mobile application, and that platform is PrimeXBT. The PrimeXBT smartphone app was awarded Best Crypto Trading App from The Forex Awards. The margin trading platform also has a number of other accolades.
Download The Award-Winning PrimeXBT App Today For Android Or iOS
When it comes to convenience, power, and a complete experience with margin trading, copy trading, and much more, only PrimeXBT has it all. eToro and Robinhood are undoubtedly impressive and deserving of the top three status but lack key features that enable them to be a one-stop-shop for investors and traders.
PrimeXBT also offers weekly trading competitions, an educational website with trading tips, regular market updates, and much more. The rapidly-growing trading platform is constantly releasing new features or improving existing ones.
In the past several weeks, the mobile app alone has had its withdrawal system overhauled, new Covesting features added, and the ability to share ROI with other traders online from the account history section. Download the award-winning PrimeXBT app today at the Google Play Store for Android or the Apple App Store for iOS devices.