Business News Asia
The US government has seized nearly $700 million in assets from Sam Bankman-Fried, the founder of cryptocurrency exchange platform FTX, according to federal court documents released on Friday. The assets, mostly in Robinhood stock, were seized by federal prosecutors as part of an ongoing investigation into allegations that Bankman-Fried stole billions of dollars from FTX clients to settle debts for Alameda Research, a crypto hedge fund.
Bankman-Fried has denied any wrongdoing and pleaded not guilty to fraud. He is scheduled to stand trial in October of this year.
The US Department of Justice disclosed the seizure of Robinhood stock earlier this month, but released a list of all seized assets on Friday, which also includes cash held in different banks and assets held with Binance, a crypto trading firm.