Follow Us on Google News
Federal authorities confiscated roughly $700 million in assets from FTX founder Sam Bankman-Fried in January most of which were in the form of Robinhood stock, according to a court document.
Bankman-Fried has entered a not guilty plea to fraud charges after being accused of stealing billions of dollars from FTX users to settle debts accrued by his crypto-focused hedge firm. His trial is slated to begin in October.
The Department of Justice previously disclosed the confiscation of Robinhood shares but on Friday it released a more thorough list of all the assets that had been taken including cash stored at several banks and assets placed at cryptocurrency exchange Binance.
Read more: Bitcoin rises 2.3% to $23,199
There have been disagreements over who is the rightful owner of the confiscated Robinhood shares, which are worth roughly $525 million, between Bankman-Fried, FTX, and defunct cryptocurrency lender BlockFi.
On Thursday, authorities confiscated $94.5 million in cash from a Silvergate Bank account linked to FTX Digital Markets, FTX s Bahamas-based company, in the most recent asset seizure to be made public by the DOJ. More than $7 million was confiscated by the DOJ from other Silvergate accounts linked to FTX and Bankman-Fried.
Prior to this, the DOJ confiscated close to $50 million from a Moonstone Bank account belonging to FTX Digital Markets in Washington state.
The DOJ also declared that Bankman-three Fried s Binance accounts assets were susceptible to criminal forfeiture, but it did not specify how much was in those accounts.
