Business

Fed seizes nearly $700 million from FTX founder Bankman-Fried


Federal prosecutors seized nearly $700 million in assets from FTX founder Sam Bankman-Fried in January, much of it in the form of Robinhood stock, according to court filings Friday.

Bankman-Fried, who has been accused of stealing billions of dollars from FTX clients to pay off debts arising from his crypto-focused hedge fund, has pleaded not guilty to fraud. He is expected to appear in court in October.

Also read: The failure of FTX and Sam Bankman-Fried will leave deep scars

The Justice Department disclosed the Robinhood stock forfeiture earlier this month, but it provided a more complete list of the seized assets on Friday, including cash held at other banks. and assets are deposited at the Binance cryptocurrency exchange.

Ownership of the forfeited Robinhood stock, worth about $525 million, is the subject of a dispute between Bankman-Fried, FTX, and bankrupt crypto lender BlockFi.

Also read: FTX Token Soars After New CEO Says Exchange May Reboot

The most recent forfeiture reported by the DOJ took place on Thursday, when prosecutors seized $94.5 million in cash from an account at Silvergate Bank linked to FTX Digital Markets, the subsidiary of FTX in the Bahamas. The DOJ has seized more than $7 million from other Silvergate accounts linked to Bankman-Fried and FTX.

The DOJ previously seized nearly $50 million from an FTX Digital Markets account at Moonstone Bank, a small bank in Washington state.

The DOJ also said that assets in three Binance accounts linked to Bankman-Fried could be subject to criminal forfeiture, but did not provide an estimate of the value in those accounts.

This story was published from the wire dealer’s feed without text modification.


Know your inner investor
Do you have nerves of steel or do you lose sleep over your investments? Determine your investment method.

take a test

catch them all Business newsletter, Market News, Hot news Events and Latest news Update on Live Mint. Download Mint . News Application to get Daily Market Updates.

Than
Less than

news5s

News5s: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, Sports...at the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Back to top button