Government Grabs $700M In Cash & Assets from FTX Ex-CEO’s Accounts

In a shocking turn of events, the United States Federal Prosecutors disclosed the forfeiture of several assets belonging to FTX’s Samuel Bankman-Fried, who is currently facing charges of defrauding customers of FTX.com and lenders to Alameda Research. However, the forfeiture of assets was valued at about $700 million.

According to the court’s document, the assets, which were seized on various dates in January, include a staggering 55,273,469 shares ( $525.5 million) of stock in Robinhood Markets Inc., as well as millions of dollars in cash held in accounts at various financial institutions.

The notice also revealed that the government had seized $20.74 million in United States currency at ED&F Man Capital Markets, Inc., also known as Marex. The funds were held in the name of “Emergent Fidelity Technologies.” Additionally, they seized $49.9 million at Farmington State Bank, “Moonstone Bank,” held in the name of “FTX Digital Markets.”

Furthermore, they also found $5.32 million, $719,359.65, $1,071.83, and $94.57 million in various accounts at Silvergate Bank, all held in the name of “FTX Digital Markets. The government also seized all monies, assets, and funds in the Binance and Binance.us accounts.

However, the forfeiture of these assets is a significant development in the ongoing case against Bankman-Fried, and it remains to be seen what impact it will have on the proceedings. It is clear, however, that the government is taking a tough stance on the alleged offenses described in Counts One through Four and Seven of the indictment.

SBF Of FTX In Trouble

Interestingly, the former billionaire had previously stated that he only had $100,000 remaining in the bank and would now have to reside in his parents’ home in Palo Alto, California, when he was released on bail. 

Moreover, as per a report by Insider, it was also revealed that two anonymous sponsors paid a combined total of $700,000 to secure the release of Sam Bankman-Fried from jail. 

According to a court filing by the lawyer of FTX co-founder, one sponsor paid $500,000, and the other paid $200,000, to secure the $250 million bond that allows Bankman-Fried to stay under house arrest at his parent’s home in California while awaiting trial in a federal court in Manhattan.

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