The Justice Department has seized greater than $170 million in money from a number of accounts related to disgraced FTX co-founder Sam Bankman-Fried, in line with courtroom paperwork filed Friday. This is along with an estimated $526 million in inventory which was additionally seized by the federal authorities.
According to the federal courtroom paperwork obtained by CBS News, the seizures occurred on Jan. 4.
They included $94.5 million in an account in Silvergate Bank, a California based mostly financial institution specializing in cryptocurrencies, together with practically $50 million held at Farmington State Bank, which is predicated in Washington state, and $20.7 million in forex in accounts in ED&F Man Capital Markets.
Prosecutors additionally seized 55.27 million shares of Robinhood inventory from an ED&F Man Capital Markets account, in line with the courtroom submitting. The inventory for Robinhood, a web based buying and selling platform, closed at $9.52 a share Friday, placing the worth of that seizure at greater than $526 million.
On Dec. 12, the 30-year-old Bankman-Fried was arrested within the Bahamas on federal fees of wire fraud and conspiracy associated to the collapse of his cryptocurrency trade FTX.
After being extradited to the U.S., he pleaded not responsible to all fees in a Jan. 3 listening to. He stays free on $250 million bond. He has been ordered to dwell at his dad and mom’ home in California till his trial, which is scheduled to start in October.
The sudden collapse of FTX has reverberated all through the monetary world and garnered questions in regards to the viability of cryptocurrency. On Nov. 11, FTX filed for chapter, simply after Bankman-Fried instructed traders the corporate was experiencing an $8 billion shortfall.
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