U.S. Authorities Seize $700 Million in Sam Bankman-Freed's Assets

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As CNBC reports, the total amount of assets confiscated from the founder of the FTX exchange amounted to almost $700 million. Moreover, more than half of them were shares of the Robinhood service.

In addition to Robinhood shares, the price of whichis about $460 million, American prosecutors managed to withdraw funds from accounts in the Silvergate bank in the amount of over $6 million. Another about $50 million were confiscated from accounts in the Moonstone bank. Funds were also withdrawn from accounts on the Binance exchange and the American division of the platform, however, the value of these assets is unknown.

The US Attorney's Office says the fundsused by Sam Bankman-Fried to buy Robinhood shares were borrowed from deposits of FTX exchange customers. The former general director of the site himself denies all accusations of misuse of funds. Note that now the 55 million Robinhood shares confiscated from Bankman-Fried are already worth $526 million.

It was previously reported that temporary managersFTX was able to discover $5 billion owned by the exchange. Moreover, according to the new management of the site, these are liquid assets that can be used to compensate for customer losses.