New NFT Collections
21 Jan 2023

Nearly $700 million of Bankman-Fried’s assets seized by Feds: CNBC

Federal prosecutors this Friday took $697 million worth of cash and assets primarily made up of Robinhood shares from former FTX CEO and founder Sam Bankman-Fried, court documents show. 

Prosecutors also seized assets from accounts at Silvergate Bank holding over $6 million, and an additional $50 million, taken from a Moonstone Bank account. Undisclosed sums were custodied from accounts on Binance and, according to court filings first reported by CNBC.

The funds used by SBF to purchase the more than 55 million now-contested Robinhood shares were stolen from customers, prosecutors claim. 

SBF denied the allegations of misappropriation of customer funds.

Disclaimer: Beginning in 2021, Michael McCaffrey, the former CEO and majority owner of The Block, took a series of loans from founder and former FTX and Alameda CEO Sam Bankman-Fried. McCaffrey resigned from the company in December 2022 after failing to disclose those transactions.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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