Cryptocurrency scenario: Millions seized from FTX founder #Cryptocurrency #circumstance #Tens of millions #seized #FTX #founder


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U.S. federal prosecutors have seized practically US$700 million in assets from FTX founder Sam Bankman-Fried in January, mainly in the kind of Robinhood stock, according to a Friday court docket submitting.

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Bankman-Fried, who has been accused of thieving billions of pounds from FTX clients to spend debts incurred by his crypto-focused hedge fund, has pleaded not responsible to fraud costs. He is scheduled to encounter demo in October.

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The Section of Justice disclosed the seizure of Robinhood shares earlier this month, but it supplied a extra complete checklist of seized belongings Friday, like money held at different banking institutions and belongings deposited at crypto exchange Binance.

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The ownership of the seized Robinhood shares, valued at about US$525 million, has been the subject matter of disputes in between Bankman-Fried, FTX, and bankrupt crypto loan provider BlockFi.

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The most modern asset seizure described by the DOJ took put on Thursday, when prosecutors seized US$94.5 million in funds from an account at Silvergate Bank which was connected with FTX Digital Markets, FTX’s subsidiary in the Bahamas. The DOJ seized additional than US$7 million from other Silvergate accounts linked with Bankman-Fried and FTX.

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The DOJ formerly seized almost US$50 million from an FTX Electronic Marketplaces account at Moonstone Financial institution, a smaller bank in Washington state.

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DOJ also stated that belongings in a few Binance accounts affiliated with Bankman-Fried had been topic to criminal forfeiture, but did not provide an estimate of the worth in those accounts.

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(Reporting by Dietrich Knauth Editing by Noeleen Walder and Daniel Wallis)

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