Feds size nearly $700 million from FTX founder Bankman-Fried

Jan 20 (Reuters) – Federal prosecutors have seized virtually $700 million in property from FTX founder Sam Bankman-Fried in January, mainly in the sort of Robinhood inventory, according to a Friday court docket submitting.

Bankman-Fried, who has been accused of stealing billions of bucks from FTX prospects to pay back money owed incurred by his crypto-concentrated hedge fund, has pleaded not guilty to fraud fees. He is scheduled to experience trial in October.

The Section of Justice uncovered the seizure of Robinhood shares previously this month, but it presented a more total checklist of seized belongings Friday, together with cash held at a variety of banks and belongings deposited at crypto exchange Binance.

The possession of the seized Robinhood shares, valued at about $525 million, has been the matter of disputes amongst Bankman-Fried, FTX, and bankrupt crypto lender BlockFi.

The most new asset seizure noted by the DOJ took spot on Thursday, when prosecutors seized $94.5 million in funds from an account at Silvergate Bank which was involved with FTX Electronic Marketplaces, FTX’s subsidiary in the Bahamas. The DOJ seized a lot more than $7 million from other Silvergate accounts linked with Bankman-Fried and FTX.

The DOJ previously seized virtually $50 million from an FTX Electronic Markets account at Moonstone Financial institution, a modest financial institution in Washington point out.

DOJ also explained that belongings in three Binance accounts linked with Bankman-Fried ended up topic to prison forfeiture, but did not provide an estimate of the worth in those accounts.

Reporting by Dietrich Knauth Editing by Noeleen Walder and Daniel Wallis

Our Expectations: The Thomson Reuters Trust Ideas.

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