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The FTX brouhaha continues and this time, unsurprisingly, thousands and thousands of {dollars} in money and property belonging to the crypto change’s former large boss has been confiscated by United States authorities.
Federal authorities have seized $150 million in property associated to FTX co-founder and former CEO Sam Bankman-Fried, a big chunk of which comes within the type of Robinhood inventory, a court docket submitting revealed Friday.
Shares, money, and different property totaling virtually $700 million have now been seized by U.S. officers in reference to the continuing probe.
The U.S. Division of Justice disclosed the confiscation of Robinhood shares earlier this month, however on Friday it introduced a extra complete checklist of sequestered property, together with money held at a number of banks and property positioned on the cryptocurrency change Binance.
FTX former CEO Sam Bankman-Fried. Picture: Euromoney
New FTX CEO Has His Palms Full
John Ray, who changed Bankman-Fried as CEO to supervise FTX’s rehabilitation, is making an attempt to get better the funds that the cryptocurrency change’s depositors misplaced when the corporate collapsed in November.
In December of final yr, Bankman-Fried was charged with eight fees of cash laundering and fraud, to which he pled not responsible. Two of his sidekicks at FTX have pled responsible to fraud fees and are collaborating with federal authorities.
FTX CEO John Ray. Picture: New York Submit
As well as, prosecutors seized virtually $6 million in property from Silvergate Financial institution accounts and one other $50 million from a Moonstone Checking account. Undisclosed quantities had been seized from Binance and Binance.US accounts, court docket paperwork reveal.
The possession of the seized Robinhood shares, estimated at round $525 million, has been contested by Bankman-Fried, FTX, and the bancrupt cryptocurrency lender BlockFi.
SBF Nameless Bail Donors
In December, Bankman-Fried was arrested on fraud fees and launched on a $250 million bond pending trial. He has denied embezzlement of buyer property.
A subsequent Insider report indicated that two unnamed people raised roughly $700,000 for SBF’s bail bond. One particular person provided $200,000, whereas the opposite secured $500,000 in funding.
The court docket withheld these individuals’ names when SBF’s attorneys expressed fears for his or her security.
Bankman-Fried mentioned in a current weblog publish that he had “provided to donate practically all of my private Robinhood shares to clients.”
Crypto whole market cap at $991 billion on the every day chart | Chart: TradingView.com
Federal authorities declare that the shares in Robinhood had been bought with shopper money that had been stolen.
In Might 2022, SBF acquired 7.8% of the corporate by means of the acquisition of shares within the monetary platform. Furthermore, he was the only proprietor and director of the inventory acquired by means of Emergent Constancy Applied sciences.
In the meantime, the DOJ has launched an inquiry into the disappearance of $370 million in FTX property hours after the change filed for chapter.
Featured picture from Greater Pie Discussion board
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