Feds have seized practically $700M from FTX founder Sam Bankman-Fried

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Federal authorities have seized virtually $700 million from FTX founder Sam Bankman-Fried, principally from shares of Robinhood that he owned. 

A court docket submitting from Friday exhibits that the federal authorities seized greater than 55 million shares of Robinhood inventory together with tens of hundreds of thousands of {dollars} from every of a number of financial institution accounts. 

Bankman-Fried was arrested final month within the Bahamas and extradited to america to face costs together with wire fraud, cash laundering and conspiracy to commit fraud as a part of an alleged scheme to defraud traders. 

Prosecutors have alleged that Bankman-Fried used funds from traders for his personal functions to fund investments from his hedge fund, Alameda Analysis, purchase actual property and to make political donations. 

He pleaded not responsible to all costs earlier this month. He has mentioned he has not stolen any cash, and FTX’s prospects ought to have the ability to get their a refund regardless of the cryptocurrency trade’s chapter declaration in November. 

Federal authorities have mentioned Bankman-Fried used the cash that traders meant to place into FTX to purchase the Robinhood shares. 

The overall worth of the shares seized is greater than $500 million. 5 of the quantities that officers seized had been accounts held within the title of “FTX Digital Markets,” whereas three had been for all cash, property and funds contained in three accounts for Binance, one other cryptocurrency trade.



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