It’s been weeks since Sam Bankman-Fried was charged with criminal fraud by federal prosecutors and the investigation into the financial mess in the company continues. A recent court filing indicates that federal authorities have been successful in seizing almost $700 million, both as cash as well as assets. John Ray, the new CEO has been working to get the funds that FTX depositors lost when the crypto currency exchange collapsed and filed for bankruptcy in early November, last year.
On Friday, a court filing revealed that fifty-five million plus shares of Robinhood were recovered and at stock close on Friday at $9.52, the shares had a value of more than $526 million. These shares have been purchased using allegedly stolen funds from customers, according to federal prosecutors. However, other parties also say that the shares belong to them.
The multi-party fight for the shares is between
Litigants in the Caribbean
Representatives of BlockFi, a crypto lender who has also filed for bankruptcy
FTX’s bankruptcy leadership and
Sam Bankman-Fried himself.
According to the court filing, cash from several bank accounts was also seized and listed in the filing. Silvergate Bank had over $6 million, in an account called FTX Digital Markets. The bank recently disclosed that it saw a 70 percent decrease in customer deposits in the fourth quarter of last year.
Moonstone Bank, a financial institution in the US that has ties to FTX management had almost $50 million.
Three Binance accounts were also among the assets that were seized by federal prosecutors. However, the values of these assets were not mentioned in the Friday court filing.
Sam Bankman-Fried has denied that he has misappropriated customer funds. However, FTX co-founder Gary Wang and Alameda Research former chief executive Caroline Ellison pleaded guilty to criminal charges. They are cooperating with the federal prosecutors.
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FTX and Alameda File Request to Freeze $450 Million in Robinhood Stock in New York Court
