Economy

US Seizes Over $600Mln in Assets From Founder of Crypto Exchange FTX, Reports Say

MOSCOW (Sputnik) - The US federal authorities seized more than $600 million in assets belonging to the founder of now-defunct cryptocurrency exchange FTX, media reported.
Sputnik
Sam Bankman-Fried was arrested in the Bahamas in December at the behest of the Justice Department and charged with eight counts of fraud. He is accused of defrauding clients and investors of his crypto trading firm of billions of dollars.
World
FTX Founder Sam Bankman-Fried Arrested by Bahamian Authorities After US Files Criminal Charges
Court records seen by US media show that US prosecutors provided a list of assets subject to forfeiture, including cash held in several banks and more than 55 million Robinhood Markets shares. Several Binance accounts were also seized, although their values were not included.
Bankman-Fried is scheduled to stand trial in October. The US alleges that the 30-year-old Californian orchestrated one of the biggest financial frauds in American history by steering billions in FTX investors' money into his hedge fund, Alameda Research. He has denied any wrongdoing.
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