The U.S. District Court for the Southern District of New York has issued a final order of forfeiture, stripping the former CEO of cryptocurrency exchange FTX, Sam Bankman-Fried, of a vast array of assets following his conviction for fraud.
FTX collapsed in early November 2022 after concerns about its relationship with affiliated trading firm, Alameda Research led to a surge of customer withdrawals. The next month, the U.S. government brought civil and criminal charges against Sam Bankman-Fried and top executives for misappropriating over $8 billion in customer deposits. Bankman-Fried was convicted and sentenced to 25 years in prison for stealing $8 billion from customers.
Among the forfeited assets detailed in the court document, the most substantial was the $606 million worth of Robinhood (NASDAQ:HOOD) shares held by Bankman-Fried’s company, Emergent Fidelity Technologies. The court also listed an array of crypto holdings belonging to Alameda Research, the trading firm co-founded by Bankman-Fried.
These holdings included $56 million in Ripple (COIN:XRPUSD), $3.6 million in Tron (COIN:TRXUSD), $3.4 million in Cardano (COIN:ADAUSD), and $2.3 million in Bitcoin (COIN:BTCUSD), among various other cryptocurrencies.
The forfeiture also encompassed several high-value financial assets, such as $119 million in Tether (COIN:USDTUSD) held at Binance for Alameda Research, $21 million at Marex for Emergent Fidelity Technologies, $50 million at Moonstone Bank for FTX Digital Markets, $101 million at Silvergate for FTX Digital Markets, and $7 million at Flagstar Bank for Bankman-Fried and another individual.
Additionally, two private jets, a 2009 Bombardier Global 5000 and a 2006 Embraer Legacy, were included in the seized assets.
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