A US Federal Court has ordered the seizure of approximately $1 billion worth of financial assets and two private planes from Sam Bankman-Fried (SBF), the founder of the collapsed crypto exchange FTX.
Court Begins Seizing SBF’s Assets
The final confiscation order, issued by the US Southern District of New York, listed the extensive assets that are to be forfeited. The list also includes a huge amount of cryptocurrency held by Alameda Research, the trading firm co-founded by Bankman-Fried.
Furthermore, among the seized crypto assets, Alameda’s holdings on Binance include: $56 million in XRP, $3.6 million in TRX, $3.4 million in ADA, $2.3 million in BTC, and several other tokens, as documented in the court’s ing records. It is worth noting that the largest asset forfeited is the $606 million in Robinhood stock proceeds held by SBF’s company, Emergent Fidelity Technologies.
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According to the order, other financial assets seized include $1.19 billion in USDT held by Alameda Research on Binance, $21 million by Emergent Fidelity Technologies at Marex. Moreover, $50 million at Moonstone Bank by FTX Digital Markets, $101 million at Silvergate by FTX Digital Markets and $7 million at Flagstar Bank held by SBF and another individual were also seized.
In addition to the financial assets, the court also seized two private planes i.e., a 2009 Bombardier Global 5000 and a 2006 Embraer Legacy.
The confiscation documents further reveal over 250 political contributions made by SBF and other FTX executives, which have since been withdrawn from the recipients’ campaign activities and organizations. Note that these donations were made to of the US Congress and state-level political organizations, with one-third of Congress receiving donations from SBF or other executives within the now-shut exchange.
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