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Breaking: US Regulators Seize $700 Million Belonging to FTX’s Sam Bankman-Fried

According to documents filed in court on Friday, federal authorities have seized more than $697 million in cash and assets associated with Sam Bankman-Fried. The majority of these assets were in the form of Robinhood shares that were owned by the founder of FTX. Bankman-Fried disclosed in May that he had acquired a 7.6% stake in Robinhood which at that time he thought to be an “attractive investment.”

The 55 million or more Robinhood shares are at the center of a heated legal dispute that involves multiple parties, including claimants from the Caribbean, representatives of defunct cryptocurrency lender BlockFi, Bankman-Fried himself, and the leadership of FTX’s bankruptcy proceedings. Federal prosecutors have made the claim that the Robinhood shares were purchased with money that was allegedly stolen from FTX customers.

Over $6 million was taken from three accounts at Silvergate Bank that was in the name of FTX Digital Markets. These assets, which were formerly owned by a Bahamian company, got acquired by the government on January 11. 

On the other hand, the total worth of the funds and valuables held in one Binance account and two Binance.US accounts were not disclosed by federal prosecutors. These three Binance wallets were the only assets that had been seized which did not have any monetary worth associated with them.

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