##Nearly $700M Worth of Assets Linked to Sam Bankman-Fried, FTX Seized by US

 

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The assets, including more than 55 million shares in Robinhood, were seized as part of the case against the FTX founder and former CEO

United States prosecutors have seized nearly $700 million worth of assets either owned by collapsed crypto exchange FTX or tied to founder and former CEO Sam Bankman-Fried, authorities disclosed in a Friday court filing.

Federal authorities in the Southern District of New York have seized just over $698 million worth of assets linked to the disgraced crypto founder, according to the filing, which was first reported on by CNBC.

The bulk of the value comes from a stack of shares that Bankman-Fried purchased in Robinhood, the stock and crypto trading app, allegedly using stolen FTX customer funds.

The document submitted by U.S. Attorney Damian Williams details the holdings, with nearly 55.3 million shares of Robinhood stock seized on January 4. As of this writing, the shares are collectively worth about $526 million. They were held by Emergent Fidelity Technologies, a shell company that Bankman-Fried created with FTX co-founder Gary Wang.

In a December affidavit, Bankman-Fried wrote that he and Wang formed the new company—using funds loaned by FTX sister company Alameda Research—to acquire shares in Robinhood Markets Inc. totaling $546.4 million. FTX customer funds were reportedly used to plug a trading hole in Alameda's balance sheet last summer, ahead of the exchange's eventual collapse.

Other funds seized on January 4 include $20.7 million held by Emergent at ED&F Man Capital Markets, Inc, and another $49.9 million at Farmington State Bank, held under FTX Digital Markets. Between January 11 and 19, authorities seized just over $100 million of FTX’s funds held in Silvergate Bank.

Today’s court filings also list three accounts held at rival cryptocurrency exchange Binance and its Binance US affiliate. However, the value of the assets in those accounts was not specified.