Practically $700 Million In Property Seized From FTX Founder Sam Bankman-Fried Forward Of Fraud Trial

Nearly $700 Million In Assets Seized From FTX Founder Ahead Of Fraud Trial

FTX founder Sam Bankman-Fried will face trial in October. (File)

Federal prosecutors have seized almost $700 million in property from FTX founder Sam Bankman-Fried in January, largely within the type of Robinhood inventory, in accordance with a Friday court docket submitting.

Bankman-Fried, who has been accused of stealing billions of {dollars} from FTX prospects to pay money owed incurred by his crypto-focused hedge fund, has pleaded not responsible to fraud prices. He’s scheduled to face trial in October.

The Division of Justice revealed the seizure of Robinhood shares earlier this month, but it surely offered a extra full record of seized property Friday, together with money held at numerous banks and property deposited at crypto alternate Binance.

The possession of the seized Robinhood shares, valued at about $525 million, has been the topic of disputes between Bankman-Fried, FTX, and bankrupt crypto lender BlockFi.

The latest asset seizure reported by the DOJ passed off on Thursday, when prosecutors seized $94.5 million in money from an account at Silvergate Financial institution which was related to FTX Digital Markets, FTX’s subsidiary within the Bahamas. The DOJ seized greater than $7 million from different Silvergate accounts related to Bankman-Fried and FTX.

The DOJ beforehand seized almost $50 million from an FTX Digital Markets account at Moonstone Financial institution, a small financial institution in Washington state.

DOJ additionally mentioned that property in three Binance accounts related to Bankman-Fried have been topic to felony forfeiture, however didn’t present an estimate of the worth in these accounts.

(Aside from the headline, this story has not been edited by NDTV employees and is revealed from a syndicated feed.)

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