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Feds seized nearly $700 million from FTX founder Bankman-Fried

Jan 20 (Reuters) – Federal prosecutors have seized nearly $700 million in assets from FTX founder Sam Bankman-Fried in January, mostly in the form of Robinhood stock, according to a court filing on Friday.

Bankman-Fried, who has been accused of stealing billions of dollars from FTX clients to pay off debts incurred by his crypto-focused hedge fund, has pleaded not guilty to the fraud charges. He is scheduled to go on trial in October.

The Justice Department disclosed the seizure of Robinhood shares earlier this month, but it provided a more complete list of seized assets on Friday, including cash held in various banks and assets deposited on crypto exchange Binance.

The ownership of the seized Robinhood shares, valued at around $525 million, has been the subject of disputes between Bankman-Fried, FTX and bankrupt crypto lender BlockFi.

The most recent seizure reported by the DOJ took place on Thursday, when prosecutors took $94.5 million in cash from an account at Silvergate Bank associated with FTX Digital Markets, FTX’s subsidiary in the Bahamas. The DOJ seized more than $7 million from other Silvergate accounts linked to Bankman-Fried and FTX.

The DOJ previously seized nearly $50 million from an FTX Digital Markets account at Moonstone Bank, a small bank in Washington state.

The DOJ also said assets in three Binance accounts linked to Bankman-Fried were subject to criminal forfeiture, but did not provide an estimate of the value in those accounts.

Reporting by Dietrich Knauth; Editing by Noeleen Walder and Daniel Wallis

Our standards: Thomson Reuters Trust Principles.

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