SBF to Lose $700M, Including Assets From Binance Accounts

  • SBF could lose assets worth $700 million if convicted of fraud
  • Funds and assets of SBF associated with three Binance accounts are being probed
  • A forfeiture order was submitted that consumer deposits were exploited illegally

According to a court document, U.S. federal prosecutor Damian Williams stated that the government politely sent notice that the property subject to seizure includes an extensive list of fiat, stock, and cryptocurrency assets.

Therefore, if he is found guilty of fraud, FTX founder Sam Bankman-Fried (SBF) will be susceptible to the confiscation of around $700 million worth of assets.

In this instance, the government has submitted a forfeiture order on the grounds that these assets were gained illegally through the exploitation of consumer deposits.

Several of the assets were confiscated by the government between January 4 and January 19, and the government is seeking to collect all funds and assets associated with three Binance accounts.

The largest allocations include 55,273,469 Robinhood (HOOD) shares valued at around $525.5 million at the time of writing, $94.5 million held by Silvergate Bank, $49.9 million held by Farmington State Bank, and $20.7 million held by ED&F Man Capital Markets, Inc.

Meanwhile, SBF’s closest circle members, such as Caroline Ellison and Gary Wang, have confessed and cooperated with prosecutors on their roles in the collapse of FTX; the man himself has pleaded not guilty to all eight criminal charges.

In other news, Bitcoin-loving politician Jane Adams stated that banking giant JPMorgan owns the Ethereum network in a de facto fashion. Adams explained that JPMorgan owns a majority stake at ConsenSys, a critical player in the Ethereum network.

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José is a crypto enthusiast who trades crypto night and day. He loves to share his trading stories and experiences in all his published articles. José likes to hang out and travel to meet new friends. Enjoys sushi, vodka, and tequila.