The US government confiscates $ 700 million in assets from the Ungnade FTX co-founder Sam Bankman-Fried-

federal prosecutors have confiscated $ 697 million of FTX co-founders Sam Bankman-Fried assets, which mainly consist of more than 56 million Robinhood shares worth $ 526 million. Court files state that the US government has confiscated a number of bank accounts that Bankman-Fried belonged and on which millions were in cash.

US government confiscates millions of FTX co-founders in cash and Robinhood shares; SBF denies interdleration of customer assets

The US government has Connected from the former CEO and co-founder of FTX, Sam Bankman-Fried (SBF), according to court documents that were checked by CNBC. Most of the funds came from the 56.273.269 STARE Robinhood Markets Inc. (Nasdaq: Kapuze ) in the possession of Bankman-fried. Using the exchange rates of January 20, 2023, the hood shares are worth more than $ 526 million

In addition, the CNBC reporters Rohan Goswami and Mackenzie Sigalos describe that almost $ 56 million were also confiscated on four bank accounts. Three accounts with a value of $ 6 million were supposedly kept Silvergate-Bank At Moonstone Bank, it contained $ 50 million. A total of $ 171 million in cash was decreased by the federal government. Moonstone bank on January 19, 2023 that the financial institution will officially leave the cryptor room.

Alameda-Research in Moonstone Bank, also known as Farmington State Bank, via FBH, the Holding Society of Moonstone. The federal prosecutor believes that the assets of $ 697 million, which consist mainly of Robinhood shares, were purchased with funds that were stolen from FTX customers. Bankman-Fried asserts his innocence and "denied the embezzlement of customer assets," said Sigalos on Friday.

In addition, federal agents also confiscated funds who belonged to SBF and were held on the crypto exchanges Binance and Binance USA. The US government revealed intentions about the Robinhood shares in the first January 2023 to confiscate, and the US Justice Ministry (DOJ) initiated the process.

Bankmann-Fried tries to regain access to the shares, finding that he needed the money to pay legal costs. The US government can confiscate funds from citizens who are suspected of misconduct without having to accuse them of a crime, and suspects that are waiting for their process. The federal prosecutor assumes that the confiscated assets are not the assets of the bankruptcy mass.

What do you think that federal prosecutors have confiscated almost $ 700 million from SBF? Share your thoughts in the comment area below.

Jamie Redman

Jamie Redman is the news manager at Bitcoin.com News and a Journalist for Financial Technology living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com news about the disruptive protocols that arise today.

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