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Feds Seize $700M in assets Linked to Sam Bankman-Fried

The assets belonging to the defunct cryptocurrency exchange FTX and its creator Sam Bankman-Fried, also known as SBF, have been confiscated by federal authorities in the United States. The total value of these assets is around $700 million.

In the filing, the federal prosecutor for the United States of America, Damian Williams, stated that “the government respectfully gives notice that the property subject to forfeiture as a result of the offenses described in Counts One through Four and Seven of Indictment 22 Cr. 673 (LAK) against SAMUEL BANKMAN-FRIED.”

The confiscated assets include 55,273,469 shares of Robinhood, which had a market value of about $525.5 million as of the time this article was written; $100 million held at Silvergate Bank; $49.9 million held at Farmington State Bank; and $20.7 million held at ED&F Man Capital Markets, Inc.

There was contention among a number of parties about the shares of Robinhood. Sam Bankman-Fried made an effort to keep 56 million Robinhood shares by claiming that he and Gary Wang had borrowed the money for Emergent to purchase the Robinhood Shares from Alameda Research in the form of four promissory notes. This was an attempt to circumvent the terms of the original agreement between the parties.

Between January 4 and January 19, the authorities took possession of the majority of FTX’s assets. In the court documents, there is mention of three accounts held by FTX at Binance and Binance US; however, the asset value associated with these accounts is not disclosed.

Compiled by Coinbold