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A majority a part of the seized property embrace 55.three million shares of Robinhood with its present price of round $526 million.
Final week, prosecutors from the USA seized a staggering $700 million price of property owned or belonging to the collapsed crypto change FTX and its disgraced founder Sam Bankman-Fried (SBF).
As per the court docket filings submitted final Friday, January 20, US federal prosecutor Damian Williams famous that the “authorities respectfully offers discover that the property is topic to forfeiture”. This covers a protracted listing of property together with shares, fiat, and crypto.
The submitting notes that between January four and January 19, many of the property have been seized by the federal government. Moreover, the US prosecutors are additionally laying claims to “all monies and property” that belong to 3 totally different Binance accounts.
The majority of the worth within the seized property comes from the stack of Robinhood (NASDAQ: HOOD) shares bought by SBF by allegedly utilizing the stolen FTX prospects’ funds. Earlier this month, the US Division of Justice (DoJ) already introduced the seizure of $465 million price of HOOD inventory.
The US prosecutors have seized a complete of 55.three million shares of Robinhood with its present price of round $526 million. These shares are at present held by Emergent Constancy Applied sciences, a shell firm created by Bankman-Fried alongside along with his FTX co-founder Gary Wang.
In his December affidavit, SBF wrote that he and Wang fashioned the brand new firm utilizing the funds loaned by FTX’s sister firm Alameda Analysis. The duo had additionally used FTX’s buyer funds to plug a conventional gap in Alameda’s steadiness sheet final summer season.
Aside from Robinhood, different funds seized embrace $20.7 million held by Emergent at ED&F Man Capital Markets, Inc. Moreover, there’s one other $49.9 million at Farmington State Financial institution, held by FTX Digital Markets. Final week, authorities additionally seized FTX’s funds held at Silvergate Financial institution.
FTX’s Funds at Binance and Its US Affiliate
The latest court docket submitting lists three accounts held at rival crypto change Binance together with its Binance US affiliate. Nonetheless, the worth of the property in these accounts isn’t specified.
Final week, the FTX restructuring workforce led by new firm CEO John J. Ray III famous that they’ve individually recovered greater than $5 billion price of firm property in liquid investments.
As per the most recent growth, FTX’s new CEO is planning to reboot the change as soon as once more. The information drew optimism available in the market with the native FTT token surging.
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Bhushan is a FinTech fanatic and holds a great aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in direction of the brand new rising Blockchain Expertise and Cryptocurrency markets. He’s constantly in a studying course of and retains himself motivated by sharing his acquired data. In free time he reads thriller fictions novels and generally discover his culinary abilities.
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