Feds Seized Nearly $700 Million From FTX Founder Bankman-Fried

Federal prosecutors have taken nearly $700,000,000 in assets. FTX According to a Friday court filing, Sam Bankman, the founder, died in January largely through Robinhood stock.

Bankman-Fried was accused of stealing billions in money from FTX customers to repay debts incurred through his crypto-focused hedge fund. He has pleaded not guilty. He will be facing trial in October.

Robinhood shares were taken by the Department of Justice in early March. However, Friday’s list included assets such as cash, assets from Binance, and cash held at other banks.

Bankman-Fried, FTX and BlockFi, a bankruptcy crypto lender, dispute the ownership of the seized Robinhood share, which is estimated at $525m.

The most recent asset seizure reported by the DOJ took place on Thursday, when prosecutors seized $94.5 million in cash from an account at Silvergate Bank which was associated with FTX Digital Markets, FTX’s subsidiary in the Bahamas. The DOJ also seized $7 million from Silvergate accounts that were associated with Bankman-Fried or FTX.

A Moonstone Bank account belonging to FTX Digital markets, a small Washington bank, was previously seized by DOJ.

DOJ also stated that assets in three Binance accounts linked to Bankman-Fried were subjected to criminal forfeiture but did not give an estimate of their value.

By Dietrich Knauth