US regulators seize $700 million linked to FTX founder

US regulators seize $700 million linked to FTX founder

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Answer US regulators seize $700 million linked to FTX founder

According to documents filed in court on Friday, federal authorities seized more than $697 million in cash and assets associated with Sam Bankman Fred.

The majority of these assets were in the form of shares in Robinhood that were owned by the founder of FTX.

Sam Bankman Fred revealed in May that he had acquired a 7.6% stake in Robinhood which at the time looked like an attractive investment.

$700 Million Seized From FTX Founder:

Currently there are 55 million or more shares in Robinhood that lie at the center of a heated legal dispute involving multiple parties, including claimants from the Caribbean, representatives of defunct cryptocurrency lender BlockFi, Sam Bankman Fred himself, and leading FTX bankruptcy proceedings.

Read:A Bitcoin Whale Transfers $313 Million from Bittrex

Federal prosecutors claimed that these Robinhood stocks were purchased with money allegedly stolen from FTX clients.

More than $6 million has been seized from three accounts at Silvergate Bank that were in the name of FTX Digital Markets.

These assets, which were previously owned by the Bahamas Corporation, were subsequently acquired by the US government on January 11th.

FTX founder accounts on Binance:

On the other hand, the total value of funds and valuables held in the FTX founder’s account on Binance Global and US Binance accounts has not been disclosed by federal prosecutors.

These three Binance wallets were the only assets confiscated that did not have any significant monetary value.

Focuses John J. Ray, who took over as the new CEO of FTX when Bankman resigned, is now working on reorganizing the company and working to recover the money lost by the company’s depositors.

Sam Bankman-Fred, 30, was arrested in December 2022 on charges of criminal fraud and is currently under house arrest after posting $250 million bail.

Sam Bankman-Fred has pleaded not guilty and is currently awaiting trial, scheduled for October 2, 2023.

Read:Find out the latest updates on the Ripple case in the US judiciary

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