$700M of Sam Bankman-Fried Assets Seized
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An editor at Coincrop
26 Jan 2023 | 3 min read
n a landmark seizure, federal agencies have confiscated over $700 Million in assets from the now notorious Sam Bankman-Fried. Among these holdings were three U.S.-based accounts held at Silvergate Bank.
Last Friday, a court filing revealed that Federal prosecutors had confiscated almost $525 million worth of Robinhood stock, as well as over $94.5 million from one account at Silvergate Bank and an additional $7 million from other accounts in the same bank. Furthermore, about $50 million was seized from Moonstone Bank’s account and assets located within three Binance accounts were also partaken.
Just recently, the US Department of Justice announced that it had seized 56 million shares from Robinhood held by Sam Bankman-Fried and FTX co-founder Gary Wang through their holding company Emergent Fidelity Technologies. The purchase was made with a loan from Alameda Research - which is owned by Bankman-Fried himself.
Conflict has ensued over the shares, with four entities vying for control; namely BlockFi, an FTX creditor, FTX's new management who are attempting to retrieve funds on behalf of investors and customers of the bankrupt platform as well as the US government.
Bankman-Fried's lawyers proclaimed in an official document that the shares are owned by a non-FTX associated establishment and further argued that Sam himself had ownership of them. Moreover, they noted he required these funds to finance his ongoing legal fees.
An additional $101.5 million of the confiscated resources were held in Silvergate Bank accounts that belonged to FTX Digital Markets, a subsidiary located in The Bahamas. According to Silvergate's previous statement this month, those assets had been taken over by the government since January 11th.
JonathanAn editor at Coincrop
Jonathan is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely sailing.
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