Feds seize far more than $170 million in money accounts joined to Sam Bankman-Fried #Feds #seize #million #income #accounts #joined #Sam #BankmanFried

FTX founder pleads not responsible to fraud

FTX founder Sam Bankman-Fried pleads not responsible to fraud


The Justice Division has seized additional than $170 million in cash from many accounts connected with disgraced FTX co-founder Sam Bankman-Fried, in accordance to courtroom documents filed Friday. This is in addition to an approximated $526 million in stock which was also seized by the federal govt.

According to the federal court files received by CBS News, the seizures occurred on Jan. 4.

They included $94.5 million in an account in Silvergate Bank, a California centered financial institution specializing in cryptocurrencies, together with just about $50 million held at Farmington State Bank, which is centered in Washington point out, and $20.7 million in forex in accounts in ED&F Male Funds Marketplaces.  

Prosecutors also seized 55.27 million shares of Robinhood inventory from an ED&F Male Cash Markets account, according to the court filing. The stock for Robinhood, an on the internet buying and selling system, shut at $9.52 a share Friday, putting the benefit of that seizure at a lot more than $526 million.

On Dec. 12, the 30-12 months-aged Bankman-Fried was arrested in the Bahamas on federal rates of wire fraud and conspiracy related to the collapse of his cryptocurrency exchange FTX.

After currently being extradited to the U.S., he pleaded not guilty to all fees in a Jan. 3 listening to. He stays free of charge on $250 million bond. He has been ordered to live at his parents’ property in California until eventually his demo, which is scheduled to get started in Oct.

The unexpected collapse of FTX has reverberated in the course of the financial planet and garnered inquiries about the viability of cryptocurrency. On Nov. 11, FTX filed for bankruptcy, just after Bankman-Fried instructed buyers the company was suffering from an $8 billion shortfall. 

Share this post

Leave a Reply

%d bloggers like this: