Robin Hood's board has already approved a plan to buy back the $578 million shares that former FTX CEO Rob Bankman-fried and FTX founder King Gamo bought last year.

In a fourth-quarter statement released on Feb. 8, Robin Hood confirmed that it had received approval from the board to repurchase shares.

"the board is authorized to buy most or all of the shares of Emergent Fidelity Technologies in May 2022," said Jason Warnick, chief operating officer of Robin Hood. He added:

The proposed stock purchase plan shows the confidence of the board of directors and the marketing team in our business process. "

In May this year, the founder of FTX got a loan directly from FTX's sister company Alameda Research under Emerent Fidelity Technologies and bought HK $550 billion of Robinhood shares-worth US $578 million at current prices.

On January 9, the US Department of Justice (DoJ) took HK $550 billion, equivalent to about 7 per cent of the company's shares.

This property was withheld after the digital currency borrowing platform BlockFi submitted a request to the court to reclaim the shares, because Bankman-Fry and Wang used the shares as collateral to obtain loans from BlockFi.

Mr. Warnick told CNBC on Feb. 8 that Robin Hood had been working with the U.S. Department of Justice on a plan to promote a repurchase, but that it had not yet been finalized.

Stocks with problems have become the theme style of dissent more than once.

After the trading center went bankrupt last November, FTX ordered the people's court to block BlockFi from taking Robin Hood's shares.

In addition, although Emerent Fidelity did not declare bankruptcy in November, as FTX and other FTX-attached entity lines did, the company did file for bankruptcy protection on February 3rd.

Data encryption revenue decreased in the fourth quarter

Compared with the third quarter, the company's headquartered u.s. trading website reported a 24% drop in digital currency-based trading revenue from Robin Hood Web3 wallet to $39 million in the fourth quarter. Revenue fell 12% in the third quarter compared with the second quarter.

Total net income rose 5% to $380 million in the fourth quarter of 2022. However, the company reported an overall loss of more than $1 billion in 2022.

Although the company did a good job of launching Robinhood Web3 wallets to customers on the waiting list of more than 1 million yuan in the quarter, revenue related to login passwords is still declining.

Within hours of the earnings report, Robin Hood's stock Ticked Hood rose 4.78 per cent, according to Google Finance.