FBI Seizes More Than $170 Million in Cash Accounts Linked to Sam Bankman-Fried


The Justice Department has seized more than $170 million in cash from multiple accounts related to disgraced FTX co-founder Sam Bankman-Fried, according to court documents filed Friday. This is in addition to an estimated $526 million in stash that has also been seized by the federal government.

According to federal court documents obtained by TBEN News, the seizures occurred on Jan. 4.

They include $94.5 million in an account at Silvergate Bank, a California-based bank that specializes in cryptocurrencies, along with nearly $50 million at Farmington State Bank, based in Washington State, and $20.7 million in currency in accounts with ED&F Man Capital Markets.

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Prosecutors also seized 55.27 million shares of Robinhood from an ED&F Man Capital Markets account, according to the court. Shares for Robinhood, an online trading platform, closed Friday at $9.52 per share, bringing the value of that foreclosure to more than $526 million.

On December 12, Bankman-Fried, 30, was arrested in the Bahamas on federal wire fraud and conspiracy charges related to the collapse of his cryptocurrency exchange FTX.

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After being extradited to the US, he pleaded not guilty to all charges at a hearing on January 3. He remains free on $250 million bail. He has been ordered to live in his parents’ home in California until his trial, which is expected to begin in October.

The sudden collapse of FTX reverberated in the financial world and raised questions about the viability of cryptocurrency. On Nov. 11, FTX filed for bankruptcy, just after Bankman-Fried told investors the company had an $8 billion deficit.

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The report that the FBI is seizing more than $170 million in cash accounts linked to Sam Bankman-Fried appeared first on TBEN News.