Hundreds of millions of dollars were seized from the assets of the CEO of FTX
In a new chapter of the bankruptcy of the FTX exchange and its young manager, Sam Bankman-Fried, this time the authorities of the federal government of the United States of America seized Bankman-Fried’s property and assets.
According to Wallex and quoted by Bitcoinist, court documents on Friday, December 30 revealed that earlier, $150 million of Sam Bankman’s capital – mainly in the form of Robin Hood Company shares – had been seized by federal authorities.
Now these institutions have confiscated the other properties of Sam Bankman Farid, whose total value is around 700 million dollars.
Earlier this month, the US Department of Justice disclosed the seizure of Robin Hood stock. The ministry released a more comprehensive list of seized assets on Friday, including cash held in several banks and assets on the Binance exchange.
John Ray, who replaced Benkman Fried at the helm of FTX to oversee its restructuring, is trying to recover the funds the cryptocurrency exchange’s depositors lost when FTX went bankrupt in November.
In December of last year, Sam Bankman Farid was charged with eight counts of money laundering and fraud, of which he pleaded not guilty. Two of his FTX aides have pleaded guilty to fraud charges and are cooperating with federal authorities. In addition, prosecutors seized approximately $6 million in assets from Silvergate bank accounts and another $50 million from Moonstone bank accounts. Published court documents reveal that unspecified amounts of money were seized from Binance and Binance.US accounts. The ownership of the seized shares of Robinhood, which is estimated to be worth around $525 million, is disputed by Sam Benkman Fried, the FTX exchange, and BlockFi, which itself is going through the bankruptcy process and is one of the creditors.
In December, Sam Benkman Fried was arrested on fraud charges and is currently free on $250 million bail. He has denied the charge of misappropriation of clients’ assets.
According to the report of the “Insider” magazine, two anonymous people raised $700,000 to secure his bail.
At the request of Sam Bankman’s lawyers and to protect the safety of these people, the court has kept the names of these two backers secret.
Bankman recently claimed in his blog post that he proposed to the court to donate almost all of his personal assets (shares of Robin Hood Company) to clients. On the other hand, federal authorities claim that Robin Hood stock was purchased with stolen customer money.
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