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Federal Authorities Seized About $700 Million From FTX Founder Bankman-Fried
Abstract：Federal authorities took roughly $700 million in assets from FTX founder Sam Bankman-Fried in January, mostly in the form of Robinhood stock.
According to a Friday court filing, federal authorities took roughly $700 million in assets from FTX founder Sam Bankman-Fried in January, mostly in the form of Robinhood stock.
Bankman-Fried has pled not guilty to fraud charges after being accused of stealing billions of dollars from FTX clients to settle debts acquired by his crypto-focused hedge fund. He is due to stand trial in October.
The most recent asset seizure revealed by the DOJ occurred on Thursday when authorities confiscated $94.5 million in cash from a Silvergate Bank account affiliated with FTX Digital Markets, FTX's Bahamas subsidiary. More than $7 million was confiscated by the DOJ from additional Silvergate accounts linked to Bankman-Fried and FTX.
Previously, the DOJ confiscated approximately $50 million from an FTX Digital Markets account at Moonstone Bank, a tiny Washington state bank.
The DOJ also said that assets in three Binance accounts linked to Bankman-Fried were subject to criminal forfeiture, but did not offer an estimate of their worth.
Furthermore, the Department of Justice announced the seizure of Robinhood shares earlier this month, but it gave a more comprehensive list of confiscated assets on Friday, including cash held at multiple banks and assets placed at cryptocurrency exchange Binance.
The ownership of the confiscated Robinhood shares, worth around $525 million, has been a source of contention between Bankman-Fried, FTX, and the insolvent crypto lender BlockFi.
Stay tuned for more FTX news.
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The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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