U.S. Looks To Seize $700 mn SBF, FTX Linked Assets
According to court filings, the US government wants to seize nearly $700 million in assets seized earlier this month from former FTX CEO Sam Bankman-Fried.
Over 55 million Robinhood shares worth approximately $525 million are included in the property. Those shares, purchased with borrowed Alameda funds, were at the centre of a battle between Bankman-Fried, FTX Group, and BlockFi. Officials are also attempting to seize $171 million in cash from a series of bank accounts linked to Bankman-web Fried’s of businesses.
According to a bill of particulars filed on 20th Jan in Bankman-criminal Fried’s case, the government seized those assets and others in early January and is now seeking their forfeiture.
“We believe that these assets are not property in the bankruptcy estate” or are subject to exemptions, meaning they don’t have to be frozen like most FTX assets are, pending wind-up, a government lawyer previously told the judge in this case.
(With inputs from Shikha Singh)
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