Federal authorities have seized approximately $700 million worth of assets belonging to disgraced FTX founder Sam Bankman-Fried, including three accounts at Silvergate Bank that held US dollars.
according to a filed in court from fridayFederal prosecutors have seized approximately $525 million worth of Robinhood stock, $94.5 million in cash from an account at Silvergate Bank, more than $7 million from other Silvergate accounts, nearly $50 million from an account at Moonstone Bank, and assets in three Binance accounts are of.
As reported, the US Department of Justice Revealed the seizure of 56 million shares of Robinhood Earlier this month. The shares are owned by Sam Bankman-Fried and FTX co-founder Gary Wang in a holding company called Emergent Fidelity Technologies and were purchased with debt from their own hedge fund, Alameda Research.
The shares have been the subject of disputes between several parties, with a total of four entities claiming the shares. bankrupt crypto lender BlockFiAn FTX creditor, FTX’s new management, which is trying to recoup funds for investors and customers of the bankrupt platform, as well as the US government wanted to keep a hold of the shares.
Sam Bankman-Fried himself also had a claim on the shares. In the filing, SBF’s lawyers argued that the shares are owned by a holding that is not an entity related to FTX. He also added that the infamous crypto boss needed the money to meet his legal expenses.
Another $101.5 million in seized assets were held in Silvergate bank accounts in the name of FTX Digital Markets, a Bahamian subsidiary. The crypto bank said earlier this month that these assets were being taken over by the government “on or about January 11”.
Silvergate has also revealed that it faced a bank run Following the collapse of cryptocurrency exchange FTX, which forced the company to sell assets at a significant loss in order to honor customer withdrawals worth $8.1 billion. The crypto bank lost $718 million on the sale.
In addition, the DOJ seized approximately $50 million from the FTX Digital Markets account of Moonstone Bank, a digital bank affiliated with FTX Management. bank only yesterday announced It is exiting the crypto space and will refocus on the role of a “community bank,” citing recent developments in the industry.
Lastly, the DOJ has seized an undisclosed amount of assets held in one Binance account and two Binance.US account numbers.
US prosecutors have indicted SBF on eight criminal charges, including conspiracy to commit wire fraud and misappropriation of customer funds. crypto boss has pleaded not guilty for all charges.
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