- TruthLabs has raised allegations that Robinhood is concerned in selling unlawful cryptocurrency funds.
- Detectives cited $544 million flowing from FTX buyer funds to Robinhood.
- The connection between Robinhood's UK enlargement plans and FTX's UK contract was additionally scrutinized.
Famend cryptocurrency detective TruthLabs has raised suspicions relating to the potential position of Robinhood, a US-based clearing home, in facilitating the switch and acceptance of unlawful cryptocurrency funds.
TruthLabs quotes FTX creditor activist Sunil as saying {that a} worrying $544 million from FTX buyer funds was funneled via numerous channels and finally ended up on Robinhood. did.
The investigation dates again to early 2023, when wallets linked to Robinhood's public change addresses obtained greater than $400 million in Ethereum (ETH) from US change Gemini. TruthLabs famous that this inflow comes a month after Robinhood launched a cryptocurrency pockets for tens of millions of customers.
In keeping with investigators, roughly $140 million was transferred from the identical pockets deal with to addresses related to organizations that exploited Bitmart Trade.
Moreover, TruthLabs highlighted Robinhood's previous when it confronted monetary turmoil and regulatory scrutiny in early 2020. This challenge resulted in a file $57 million high-quality from FINRA in June 2021.
Investigators additionally famous that in August 2022, Robinhood's crypto division was fined $30 million by the New York State Division of Monetary Providers for alleged violations of anti-money laundering and cybersecurity rules.
Moreover, TruthLabs highlighted FTX's involvement in AMC, with the platform engaged in printing and buying and selling AMC tokens leveraged on the blockchain. Investigators additional revealed that on Could 1, 2023, Robinhood incorrectly utilized a chapter tag to AMC inventory on its platform.
Moreover, latest revelations from Mr. Sunil revealed opaque buying and selling at FTX. Particularly, FTX's latest sale of its UK operations for $33 million has raised questions in regards to the hyperlink between Robinhood's UK enlargement plans and FTX's UK deal.
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