WASHINGTON (Pakistan Point News / Sputnik - 21st January, 2023) The US government seized almost $700 million worth of assets from cryptocurrency firm FTX founder Sam Bankman-Fried in connection to an ongoing criminal case, court documents revealed.
The court documents showed on Friday that Federal prosecutors seized Bankman-Fried's more than 55 million shares in Robinhood stock, which is valued at $526 million when stocks closed earlier in the day.
Nine other accounts linked to Bankman-Fried, three of which did not have their value disclosed, were also seized by the federal government for a total value of more than $697 million, according to court documents.
Founded by Bankman-Fried in 2019, FTX became one of the world's largest cryptocurrency exchanges. It filed for bankruptcy on November 11, with an estimated one million customers facing billions of Dollars in losses.
In December, the US government indicted Bankman-Fried in what prosecutors have described as one of the biggest financial fraud cases in US history. Prosecutors allege that FTX violated US campaign finance laws and schemed to misappropriate customer funds.
