According to a reports quoting information from a court filing, federal prosecutors seized almost $700 million in assets from FTX founder Sam Bankman-Fried in January, primarily in the form of Robinhood stock.
Bankman-Fried has pleaded not guilty to fraud charges after being accused of stealing billions of dollars from FTX customers to pay debts incurred by his crypto-focused hedge fund. He is due to stand trial in October.
The Department of Justice announced the seizure of Robinhood shares earlier this month, but it released a more comprehensive list of seized assets on Friday, including cash held at various banks and assets deposited at cryptocurrency exchange Binance.
The ownership of the seized Robinhood shares, worth approximately $525 million, has been a source of contention between Bankman-Fried, FTX, and the bankrupt crypto lender BlockFi.
The most recent asset seizure reported by the DOJ occurred on Thursday, when prosecutors seized $94.5 million in cash from a Silvergate Bank account associated with FTX Digital Markets, FTX's Bahamas subsidiary. More than $7 million was seized by the DOJ from other Silvergate accounts linked to Bankman-Fried and FTX.
Previously, the DOJ seized nearly $50 million from an FTX Digital Markets account at Moonstone Bank, a small Washington state bank.
The DOJ also stated that assets in three Binance accounts linked to Bankman-Fried were subject to criminal forfeiture, but did not provide an estimate of their value.
(Source:www.wionnews.com)
Bankman-Fried has pleaded not guilty to fraud charges after being accused of stealing billions of dollars from FTX customers to pay debts incurred by his crypto-focused hedge fund. He is due to stand trial in October.
The Department of Justice announced the seizure of Robinhood shares earlier this month, but it released a more comprehensive list of seized assets on Friday, including cash held at various banks and assets deposited at cryptocurrency exchange Binance.
The ownership of the seized Robinhood shares, worth approximately $525 million, has been a source of contention between Bankman-Fried, FTX, and the bankrupt crypto lender BlockFi.
The most recent asset seizure reported by the DOJ occurred on Thursday, when prosecutors seized $94.5 million in cash from a Silvergate Bank account associated with FTX Digital Markets, FTX's Bahamas subsidiary. More than $7 million was seized by the DOJ from other Silvergate accounts linked to Bankman-Fried and FTX.
Previously, the DOJ seized nearly $50 million from an FTX Digital Markets account at Moonstone Bank, a small Washington state bank.
The DOJ also stated that assets in three Binance accounts linked to Bankman-Fried were subject to criminal forfeiture, but did not provide an estimate of their value.
(Source:www.wionnews.com)
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