FTX: 700 million dollars seized from Sam Bankman-Fried, he said he only had 100 thousand.
Other than $100,000, the authorities have seized more than $700 million from crypto tycoon Sam Bankman-Fried. Robinhood’s stock hoard.
In an interview with the New York Times (despite the lawyers begging him to shut up ), Sam Bankman-Fried said he was left broke after the ruinous collapse of FTX, the cryptocurrency exchange he founded and directed.
“I think I’m left with only one credit card with a $100,000 credit limit,” he said. Too bad it was fake: Authorities recently located and seized more than $700 million in assets, all belonging to the former cryptocurrency mogul.
A treasure that, in the event of a conviction, SBF risks never seeing again. The good news is that if he is convicted, those funds will be used to compensate the (alleged) victims of the fraud he is accused of.
The bulk of the assets seized by the authorities are concentrated in 55 million shares of Robinhood, a trading platform dedicated to retail investors that is very popular in the USA (but unprecedented in Italy) and which has become famous all over the world after the outbreak of the GME / Wall case Street Bets. At present value, they’re worth roughly half a billion dollars. However, this is significantly lower than the ‘hole’ left by the collapse of FTX, which was the second largest cryptocurrency exchange in the world at the time of the debacle.
Authorities also got their hands on more than $100 million in ‘cash ‘, which has been frozen. In short, that Bankman-Fried had only 100 thousand ‘liquid’ dollars left was a lie, from any point of view you look at the matter.