Sun. Jan 29th, 2023

Jan 20 (Reuters) – Federal prosecutors have seized practically $700 million in belongings from FTX founder Sam Bankman-Fried in January, largely within the type of Robinhood inventory, in keeping with a Friday courtroom submitting.

Bankman-Fried, who has been accused of stealing billions of {dollars} from FTX prospects to pay money owed incurred by his crypto-focused hedge fund, has pleaded not responsible to fraud prices. He’s scheduled to face trial in October.

The Division of Justice revealed the seizure of Robinhood shares earlier this month, but it surely supplied a extra full checklist of seized belongings Friday, together with money held at numerous banks and belongings deposited at crypto trade Binance.

The possession of the seized Robinhood shares, valued at about $525 million, has been the topic of disputes between Bankman-Fried, FTX, and bankrupt crypto lender BlockFi.

The newest asset seizure reported by the DOJ occurred on Thursday, when prosecutors seized $94.5 million in money from an account at Silvergate Financial institution which was related to FTX Digital Markets, FTX’s subsidiary within the Bahamas. The DOJ seized greater than $7 million from different Silvergate accounts related to Bankman-Fried and FTX.

The DOJ beforehand seized practically $50 million from an FTX Digital Markets account at Moonstone Financial institution, a small financial institution in Washington state.

DOJ additionally stated that belongings in three Binance accounts related to Bankman-Fried had been topic to prison forfeiture, however didn’t present an estimate of the worth in these accounts.

Reporting by Dietrich Knauth; Enhancing by Noeleen Walder and Daniel Wallis

Our Requirements: The Thomson Reuters Belief Ideas.

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