US Government Seizes $700 Million in Assets From Disgraced FTX Co-Founder Sam Bankman-Fried

US Government Seizes $700 Million in Assets From Disgraced FTX Co-Founder Sam Bankman-Fried


Federal prosecutors have seized $697 million in assets, mostly comprised of more than 56 million Robinhood shares worth $526 million, from FTX co-founder Sam Bankman-Fried. Court filings detailed that the U.S. government seized a series of bank accounts belonging to Bankman-Fried, holding millions in cash.

US Government Seizes Millions in Cash and Robinhood Shares From FTX Co-Founder; SBF Denies Misappropriation of Customer Assets

The U.S. government has seized nearly $700 million from the former FTX CEO and co-founder, Sam Bankman-Fried (SBF), according to court documents reviewed by CNBC. Most of the funds came from the 56,273,269 shares of Robinhood Markets Inc. (Nasdaq: HOOD) owned by Bankman-Fried. Using exchange rates from Jan. 20, 2023, the Hood shares are worth more than $526 million.

Trending: How America’s FBI Is Starting to Look An Awful Lot Like the KGB

Furthermore, CNBC reporters

Continue reading


 

Join the conversation!

Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!

Daily Truth Report • DailyTruthReport.com
Thanks for sharing!
Send this to a friend