Federal authorities confiscate approximately $700 million worth of assets belonging to Sam Bankman-Friedfounder of FTP extension it, of which three accounts located at the Silvergate Bank where there were American dollars.
According to a court document dated Friday, January 20, 2023, Federal prosecutors seized about $525 million in Robinhood stock, $94.5 million in cash from a Silvergate Bank account, more than $7 million from other Silvergate accounts, nearly $50 million in a Moonstone Bank account and assets in three Binance accounts.
The US Department of Justice has revealed the seizure of 56 million shares of Robinhood at the beginning of the month. These shares are held by Sam Bankman-Fried and Gary Wang, co-founder of FTX, through the holding company Emerging loyalty technologiesand were purchased with a loan from your hedge fund, Research Alameda.
The shares have been the subject of litigation between several parties, with a total of four entities claiming the shares. The bankrupt lender of cryptocurrency BlockFiFTX’s creditor, the new management of FTX, which is trying to recover funds for investors and customers of the bankrupt platform, as well as the US government wants to maintain access to the shares.
Sam Bankman-Fried himself also had rights to these shares. SBF’s attorneys argued that the shares were held by a holding company that is not a related entity to FTX. They also said SBF needed money to fund legal fees..
An additional $101.5 million of the seized assets were held in Silvergate Bank accounts in the name of FTX Digital Markets, a subsidiary of the Bahamas. These assets were seized by the government “around January 11,” the cryptobank said earlier this month.
Silvergate also revealed that it experienced a bank run following the collapse of FTX, which forced the company to sell assets at a significant loss to service $8.1 billion in customer withdrawals. The crypto bank suffered a $718 million loss on this sale.
US Department of Justice (DOJ) Seizes Nearly $50 Million From FTX Digital Markets Account At Moonstone Bank, a digital bank linked to the management of FTX. Just yesterday, the bank announced it was stepping back from the crypto space and refocusing on its role as a “community bank” citing recent developments in the industry.
Finally, the Justice Department seized an undisclosed amount of assets held in a Binance account and two Binance.US account numbers.
US prosecutors charged SBF with eight felony counts, including wire fraud and conspiracy to embezzle client funds. The former CEO pleaded not guilty to all charges.
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