Highlights of the story:
- Sam Bankman-Fried, Ex-CEO of crypto exchange FTX, may have over $700 million of assets seized by the US government if found guilty of defrauding users and investors.
- The list of assets to be seized includes 55,273,469 shares of Robinhood (HOOD) worth approximately $525.5 million, $94.5 million held at Silvergate Bank, $49.9 million held at Farmington State Bank and $20.7 million at ED&F Man Capital Markets, Inc.
Sam Bankman-Fried, CEO of the popular cryptocurrency exchange FTX, may face a significant financial setback if found guilty of defrauding FTX users and investors. According to reports, the US government is seeking to seize over $700 million worth of Bankman-Fried's assets.
The list of seized assets includes 55,273,469 shares of Robinhood (HOOD) worth approximately $525.5 million, $94.5 million held at Silvergate Bank, $49.9 million held at Farmington State Bank, and $20.7 million at ED&F Man Capital Markets, Inc. These represent some of the largest allocations of Bankman-Fried's assets and would represent a significant loss for him if the seizures were to take place.
Many memes began floating around twitter, poking fun at SBF for claimign he only had $100,000 left in the bank, in an interview back in December:
“I only have $100k left in my bank”
— Kris Kay | 🦇🔊🍩 DeFi Donut (@thekriskay) December 30, 2022
-SBF
I mean he technically told the truth 😂 pic.twitter.com/jE2vjz4O6z
The allegations against Bankman-Fried and FTX center around accusations of fraud and illegal activities. These include claims that the platform was operating without proper licenses, engaging in insider trading, and manipulating the market. If these allegations are proven true, it could mean severe consequences for the CEO and his company.
It is also important to consider that this is still ongoing case and information is subject to change.
