$150 million in FTX assets were reportedly seized by the feds in their case against the company’s co-founder. The former CEO Sam Bankman-Fried was charged with eight counts of money laundering and fraud in the previous months according to multiple reports.
$150 Million in FTX Assets Reportedly Seized By the Feds
Federal prosecutors have now seized $150 million in assets that are associated with Sam Bankman-Fried, the co-founder of the FTX cryptocurrency exchange, new court documents show. This is now accounting for a combined nearly $700 million in stocks, cash, and many other assets that are locked down by the feds in relation to the case in question.
Feds, in the early parts of January, made an initial asset seizure of more than 55 million shares of Robinhood stock and then $20 million in cash. Prosecutors in the weeks ever since have secured more than $150 million in cash that is held in the name of FTX but however splitting among several banks according to the court document.
Sam Bankman-Fried Was Charged With Eight Counts of Money Laundering and Fraud
The former CEO was charged with eight counts of money laundering and fraud in the previous month. He however has pleaded not guilty to all of the charges. Two of his lieutenant at the company on the other hand have pleaded guilty to their own fraud charges and also are reported to be cooperating with investigators.
The Department Of Justice Is Investigating Missing $370 Million FTX Assets
The department of justice in a separate investigation is at the moment investigating $370 million in FTX assets that reportedly went missing just hours after the cryptocurrency exchange platform declared bankruptcy.