News

Sam Bankman-Fried Forfeited $700 Million Of FTX Assets

Key Points:

  • Sam Bankman-Fried, the former CEO of FTX, had approximately $700 million in assets confiscated by the US authorities earlier this month.
  • Over 55 million Robinhood shares totaling $526 million are part of the property. Additionally, authorities are attempting to seize $171 million in cash from many bank accounts connected to Bankman-Fried’s network of companies.
  • Early in January, the government confiscated all of these assets, and they are currently being sought by the court for forfeiture.
Sam Bankman-Fried, the former CEO and creator of FTX, had $697 million in cash and assets seized by federal prosecutors on Friday. The majority of these assets were Robinhood shares.

Over 55 million Robinhood shares totaling $526 million are part of the property. These shares, purchased with Alameda money borrowed, were the subject of a dispute between Bankman-Fried, FTX Group, and BlockFi.

The company that held them was Emergent Fidelity Technologies, which Bankman-Fried and FTX co-founder Gary Wang established as a front. Additionally, authorities are attempting to seize $171 million in cash from many bank accounts connected to Bankman-Fried’s network of companies.

The majority of the value comes from a stack of shares that Bankman-Fried reportedly bought with money taken from FTX customers while using the stock and cryptocurrency trading software Robinhood.

Additionally, assets worth over $6 million were confiscated from accounts at Silvergate Bank by prosecutors, and another $50 million was stolen from a Moonstone Bank account. According to court documents, funds were seized from accounts on Binance and Binance.US, CNBC first reported.

Three accounts are listed in the court documents at the competing cryptocurrency exchange Binance and its Binance.US subsidiary. The assets contained in those accounts, however, were not valued.

According to a bill of particulars submitted late Friday in the criminal case against Bankman-Fried, the government confiscated all of these assets and others in early January and is now requesting their forfeiture.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Bitcoin Spot ETF Outflows Reach Second Highest in History

Bitcoin Spot ETF Outflows hit $541M on November 4, the second-highest single-day outflow in history.…

4 hours ago

PropiChain’s Token Presale Turns Heads as the First DeFi Platform to Merge NFTs with AI 

The hype around PropiChain’s token presale is due to its innovative integration of NFTs and…

6 hours ago

UK Pension Fund Cartwright Encourages 3% Allocation to Bitcoin Investment

UK pension fund Cartwright advised the country's first defined benefit pension fund to allocate 3%…

8 hours ago

Crypto PAC Fairshake Continues to Boost 2026 Election With Support from a16z

a16z and Coinbase have pledged substantial funds to crypto PAC Fairshake, aiming to support crypto-friendly…

9 hours ago

Bitcoin, Ethereum, And Solana Lead Crypto Market, But Not For Long With New AI Altcoin With 30,000% Potential, Expert Says

Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) dominate the crypto market, but experts warn that…

12 hours ago

Dogecoin Price Prediction: Will DOGE Ever Hit $0.7 Again? Why ETFSwap (ETFS) Is The Best Alternative For 100x Gains

Discover the future as the Dogecoin price aims for a $0.7 comeback and discover why…

15 hours ago

This website uses cookies.