US Feds have seized nearly $700 million of SBF’s assets from various financial firms

Sam Bankman-Fried, the creator of the insolvent crypto exchange FTX, had $697 million in assets seized by US federal prosecutors. CNBC reported that FTX Digital Markets had three Silvergate Bank accounts with a combined balance of more than $6 million. Around January 11, 2023, the assets from this platform were taken.

In addition, Moonstone Bank, which had connections to the administration of FTX, had over $50 million seized by the enforcement agencies. Additionally, assets from Binance.US, the American division of the global exchange, and its global platform were recovered. The prosecutors seized three accounts connected to SBF. The sum seized, nevertheless, was kept a secret by the authorities.

According to the investigation, Sam Bankman-Fried was the main owner of the 55 million Robinhood shares. The Department of Justice confiscated the shares at the start of the year, valued at close to $500 million. The stakes are the subject of claims from BlockFi, the administrator of the FTX bankruptcy, and Antiguan liquidators.

Furthermore, Bankman-Fried stated in a recent blog post that he “offered to contribute practically all of my shares in Robinhood to clients.” SBF acquired the shares on the financial platform in May 2022, giving it a 7.8% ownership in the company. Additionally, he was the only director and the stake’s main owner through Emergent Fidelity Technologies.

According to reports, Alameda, FTX’s investment arm, loaned money to purchase these shares. Furthermore, BlockFi has a claim on the shares because they were used as security for Alameda’s loan from BlockFi.

According to a subsequent Insider article, the two unnamed parties contributed close to $700,000 toward SBF’s bail bond. One person donated $5000, and another contributed $20,000. After SBF’s attorneys expressed worries about these people’s safety, the court redacted their names.

SBF said that after the failure of the crypto exchange, his parents had been threatened with bodily harm, which led to the request. The former businessman was released on bail with a $250 million bond and several restrictions.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like

LATEST NEWS

LASTEST NEWS