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US Government Seizes Nearly $700,000,000 Worth of Sam Bankman-Fried’s Assets As Fraud Investigation Intensifies

US Government Seizes Nearly $700,000,000 Worth of Sam Bankman-Fried’s Assets As Fraud Investigation Intensifies
A new court filing reveals that US authorities have so far recovered nearly $700,000,000 worth of cash and assets from accounts linked to former crypto golden boy Sam Bankman-Fried.
According to a document submitted by U.S. federal prosecutor Damian Williams on January 20th, the US government is now in possession of 55,273,469 shares of Robinhood Markets stocks held by Emergent Fidelity Technologies, Bankman-Fried’s holding company.

The Robinhood shares are valued at $526,203,424 at time of writing.
Authorities also confiscated $20,746,713.67 from two ED&F Man Capital Markets accounts held in the name of Emergent, $49,999,500 from a Farmington State Bank account held in the name of FTX Digital Markets and a total of $9,5290,922 from three separate Silvergate Bank accounts also held in the name of FTX’s Bahamian subsidiary.
The court filing says that the $692,240,559 worth of assets that were seized between January 4th and January 19th, along with all monies, assets and funds held in three Binance.US accounts, are subject to forfeiture as a result of the offenses charged against Bankman-Fried.
The former FTX CEO was indicted in December over allegations that he misappropriated customer funds. He was released on a $250 million bond and is now under house arrest at his parents’ home in Palo Alto, California.
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Featured Image: Shutterstock/Tuso949/Natalia Siiatovskaia
The post US Government Seizes Nearly $700,000,000 Worth of Sam Bankman-Fried’s Assets As Fraud Investigation Intensifies appeared first on The Daily Hodl .

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