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.

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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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