The Justice Division has seized greater than $170 million in money from a number of accounts related to disgraced FTX co-founder Sam Bankman-Fried, in line with court docket paperwork filed Friday. That is along with an estimated $526 million in inventory which was additionally seized by the federal authorities.
Based on the federal court docket paperwork obtained by CBS Information, the seizures occurred on Jan. 4.
They included $94.5 million in an account in Silvergate Financial institution, a California based mostly financial institution specializing in cryptocurrencies, together with practically $50 million held at Farmington State Financial institution, which is predicated in Washington state, and $20.7 million in foreign money in accounts in ED&F Man Capital Markets.
Prosecutors additionally seized 55.27 million shares of Robinhood inventory from an ED&F Man Capital Markets account, in line with the court docket submitting. The inventory for Robinhood, an internet buying and selling platform, closed at $9.52 a share Friday, placing the worth of that seizure at greater than $526 million.
On Dec. 12, the 30-year-old Bankman-Fried was arrested within the Bahamas on federal expenses of wire fraud and conspiracy associated to the collapse of his cryptocurrency alternate FTX.
After being extradited to the U.S., he pleaded not responsible to all expenses in a Jan. 3 listening to. He stays free on $250 million bond. He has been ordered to reside at his mother and father’ home in California till his trial, which is scheduled to start in October.
The sudden collapse of FTX has reverberated all through the monetary world and garnered questions in regards to the viability of cryptocurrency. On Nov. 11, FTX filed for chapter, simply after Bankman-Fried instructed traders the corporate was experiencing an $8 billion shortfall.
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