Saturday, February 4, 2023

Feds seized nearly US$700 million from FTX founder Sam Bankman-Fried

Federal prosecutors have seized nearly US$700 million in property from FTX founder Sam Bankman-Fried in January, largely within the type of Robinhood inventory, based on a Friday (Jan 20) court docket submitting.

Bankman-Fried, who has been accused of stealing billions of {dollars} from FTX prospects to pay money owed incurred by his crypto-focused hedge fund, has pleaded not responsible to fraud fees. He’s scheduled to face trial in October.

The Division of Justice revealed the seizure of Robinhood shares earlier this month, however it offered a extra full checklist of seized property on Friday, together with money held at varied banks and property deposited at crypto trade Binance.

The possession of the seized Robinhood shares, valued at about US$525 million, has been the topic of disputes between Bankman-Fried, FTX, and bankrupt crypto lender BlockFi.

The latest asset seizure reported by the DOJ passed off on Thursday, when prosecutors seized US$94.5 million in money from an account at Silvergate Financial institution which was related to FTX Digital Markets, FTX’s subsidiary within the Bahamas. The DOJ seized greater than US$7 million from different Silvergate accounts related to Bankman-Fried and FTX.

The DOJ beforehand seized nearly US$50 million from an FTX Digital Markets account at Moonstone Financial institution, a small financial institution in Washington state.

DOJ additionally mentioned that property in three Binance accounts related to Bankman-Fried have been topic to prison forfeiture, however didn’t present an estimate of the worth in these accounts.

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