by Jan 20 (Reuters) – Federal prosecutors have seized nearly $700 million in property from FTX founder Sam Bankman-Fried in January, largely within the type of Robinhood inventory, in line with a Friday court docket submitting.
Bankman-Fried, who has been accused of stealing billions of {dollars} from FTX prospects to pay money owed incurred by his crypto-focused hedge fund, has pleaded not responsible to fraud prices. He is scheduled to face trial in October.
The Department of Justice revealed the seizure of Robinhood shares earlier this month, but it surely offered a extra full record of seized property Friday, together with money held at varied banks and property deposited at crypto alternate Binance.
The possession of the seized Robinhood shares, valued at about $525 million, has been the topic of disputes between Bankman-Fried, FTX, and bankrupt crypto lender BlockFi.
The most up-to-date asset seizure reported by the DOJ happened on Thursday, when prosecutors seized $94.5 million in money from an account at Silvergate Bank which was related to FTX Digital Markets, FTX’s subsidiary within the Bahamas. The DOJ seized greater than $7 million from different Silvergate accounts related to Bankman-Fried and FTX.
The DOJ beforehand seized nearly $50 million from an FTX Digital Markets account at Moonstone Bank, a small financial institution in Washington state.
DOJ additionally mentioned that property in three Binance accounts related to Bankman-Fried had been topic to legal forfeiture, however didn’t present an estimate of the worth in these accounts.
Reporting by Dietrich Knauth; Editing by Noeleen Walder and Daniel Wallis
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