US Seizes SBF Assets Worth $700 mn
US Federal Prosecutors have seized nearly $700 million in assets belonging to FTX co-founder Sam Bankman-Fried (SBF).
The information comes from court documents showing a seizure of over $697 million in cash and other assets.
These assets include Robinhood Shares and three accounts held at Silvergate Bank totaling just over $6 million, as well as nearly $50 million held by Moonstone Bank.
Interestingly, the ownership of these assets has been disputed for much of the past month, and are now in the custody of the US government.
Of the seized assets, as per the CNBC report, three accounts were held at Silvergate Bank under the name of FTX Digital Markets.
The report identifies nearly $50 million being held by Moonstone Bank. The United States financial institution maintains ties with FTX management and the contents of the account are assumed to have been seized by United States prosecutors within the same time frame.
FTX Digital Markets, the name of accounts held at Silvergate Banke, is also noted in the report as, “a Bahamian Subsidiary,” of the platform.
Conversely, at the time of publication, there is no update as to what that means for the ongoing conflict between FTX’s American arm and Bahamian authorities.
The entities have been embroiled in a highly publicized dispute for much of the platform’s bankruptcy proceedings.
The situation is evolving, and the specifics of the remaining seized assets are yet to be revealed.
Thus far, only the accounts, and the Robinhood shares, have been shown from the court filings identifying the seizure made.
(With inputs from Laxmikant Khanvilkar)
You need to login in order to Like
