A whopping seven hundred million dollars worth of assets held or related to the defunct crypto currency exchange FTX and its discredited founder Sam Bankman-Fried were confiscated by authorities from the United States of America last week (SBF).
According to documents (1) filed with the court on Friday, January 20, 2018, an assistant US federal prosecutor named Damian Williams stated that the "government politely sends notice that the asset is susceptible to seizure." This encompasses a pervasive list of assets, including crypto currencies, fiat currency, and shares.
According to the petition, the government took most of the assets between January 4 and January 19. In addition, the US authorities assert their right to "any and all funds and assets" associated with three separate accounts on the crypto currency exchange Binance.
The stack of Robinhood shares that SBF is suspected of having acquired with the stolen FTX client cash accounts for the vast majority of the value included in the assets that have been confiscated. The US DoJ earlier this month that it would be seizing HOOD shares valued at $465 million.
Federal prosecutors in the United States have taken possession of a total of 55.3 million Robinhood shares, which currently have a value of around $526 million. These shares are presently owned by Emergent Fidelity Technologies, a front company that was established by Bankman-Fried and Gary Wang, who was also a co-founder of FTX.
SBF said in his declaration from December that he and Wang founded the new firm using the cash granted to them by Alameda Research, the sister company of FTX. In the previous summer, the two individuals had utilized the customer payments from FTX to patch up a conventional hole in Alameda's balance sheet.
In addition to Robinhood's assets, funds totaling $20,7 million held by Emergent at ED&F Man Capital Markets, Inc. were confiscated. In addition, FTX Digital Markets owns an additional $49.9 million located in Farmington State Bank. The authorities took possession of FTX's money housed at Silvergate Bank the week before last.
Binance Holds Some of FTX Funds
The most recent court filing includes a list of three accounts that are held at the competing crypto currency exchange known as Binance, as well as the Binance US branch. On the other hand, the total worth of the assets included in these accounts is not revealed.
The FTX restructuring team, managed by the newly appointed CEO of the business, John J. Ray III, mentioned a week ago that they had independently retrieved over $5 billion worth of corporate assets in the form of liquid investments.
The most recent information is that the newly appointed CEO of FTX intends to re launch the stock market once more. The announcement inspired hope in the market, as seen by the meteoric rise of the native FTT coin.