It seems that the trouble is still not over for Sam Bankman-Fried... As per the latest reports, around $700 million worth of assets were seized from him. Most of these assets were the stock holdings of Sam Bankman-Fried, according to a court filing.
Bankman-Fried was once a prominent figure in crypto and was working at FTX. But now, the same person is accused of stealing money from the FTX customers. According to the allegations, he used the money to pay the debts of his hedge fund. For now, Sam has not pleaded guilty to these charges of fraud and is waiting for trial in October.
As per the reports from the Department of Justice, most of the money seized from Sam was in the form of Robinhood shares. In addition, there were also some assets at the Binance exchange along with cash at various banks.
Overall, the sized shares are worth around $525 million, which is a big amount, no matter how you look at it. In addition, the ownership of these shares is also under question between BlockFi and FTX.
Just a few days ago, another seizure was made in which the officials confiscated $94.5 million in cash from a bank. This bank account was associated with one of the subsidiaries of FTX in the Bahamas.
An additional $7 million was also seized by the DOJ from an account associated with the Sam Bankman-Fried. Earlier, around $50 million was seized from another small bank located in Washington.
It appears that we will have to wait several months before the court proceedings actually start... And since Sam Bankman-Fried has not pleaded guilty, this case will remain open for quite a long period of time.
In the meantime, there's a good chance that we will witness some more seizures related to Sam Bankman-Fried, FTX, and the company's subsidiaries.