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US justice seizes $700 million in property belonging to Sam Bankman-Fried

We study following the publication of a authorized doc filed on January 20 with a New York courtroom, that US federal authorities have seized $700 million in property belonging to Sam Bankman-Fried. These funds embrace 56 million Robinhood shares, money and accounts held at Binance.

https://cryptoast.fr/justice-americaine-saisit-700-millions-dollars-actif-appartenant-sam-bankman-fried/

SBF sees its property seized by American justice

In line with info revealed by our colleagues at CNBC, US federal prosecutors reportedly seized roughly $700 million in property belonging to Sam Bankman-Friedthe previous CEO of bankrupt change FTX.

In line with paperwork filed with the courtroom for the Southern District of New York, publicly out there, nearly all of the funds concerned right here can be within the type of Robinhood shares. The latter are on the coronary heart of a battle between SBF and the cryptocurrency lender BlockFi in addition to the brand new administration of FTX.

These entities all declare possession of those roughly 56 million shares which have been beforehand saved with the dealer ED&F Capital Markets. On the present HOOD inventory value, the entire worth of the loot amassed by federal prosecutors for this objective is roughly $533 million.

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The American justice supported the seizure of the property by alleging that these actions had been obtained due to the funds stolen from the shoppers of the change. Sam Bankman-Fried, who pleaded not responsible to the 8 prices in opposition to him, denies utilizing shopper funds for unlawful functions.

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Different property seized right here and there

In line with the doc filed on January 20, a certain quantity of different property could have been seized. The practically $700 million seized right here is scattered round within the type of cryptocurrencies, money and shares.

As we will see in paragraph b, greater than 20 million {dollars} have been seized throughout the dealer ED&F Capital Markets as Emergent Constancy Applied sciencesan Antiguan firm majority-owned by SBF, which additionally owned the beforehand listed Robinhood shares.

$50 million have been seized from an account denominated within the title of FTX Digital Markets, a Bahamian subsidiary of FTX, inside Moonstone Financial institution.

The latter could have had an in depth relationship with the empire constructed by Sam Bankman-Fried, since she had obtained roughly $11.5 million from Alameda Analysis in January 2022. Nevertheless, it very just lately issued a press release indicating that it was abandoning the crypto area following the collapse of FTX.

Seized court document

Preview of the courtroom doc relating to the seizure of the property of Sam Bankman-Fried

Furthermore, roughly $100 million was seized on completely different accounts belonging to FTX Digital Markets within the vaults of the Silvergate Financial institution. This crypto-bank has additionally been very affected by the collapse of FTX, because it just lately revealed a internet lack of 1 billion {dollars} for the final quarter of 2022.

3 accounts hosted on the Binance cryptocurrency change platform have been additionally seized by the courts, however the quantities held there weren’t disclosed within the doc.

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