Sam Bankman-Fried’s $700 Million Seized

Sam Bankman-Fried, the founder of the world’s second largest cryptocurrency exchange FTX, a favorite entrepreneur of the time; He is on trial for 8 different crimes, including fraud and money laundering. As part of the lawsuit, 700 million dollars of his own was also confiscated.

The echoes of the FTX scandal, which left a black mark in the recent history of the world economy, continue. According to the court records of the lawsuit against the founder of the exchange, Sam Bankman-Fried, the New York Southern District Attorney’s Office identified 10 different accounts that were found to belong to Fried.

The total assets in these 10 different accounts, consisting of stock, cash and crypto wallets, are worth approximately $700 million. If Fried is found guilty under the lawsuit, he will lose the equivalent of $700 million in assets in those 10 accounts.

What had happened?

FTX, which had a liquidity shortage at the beginning of November due to the problems with the largest crypto money exchange Binance; when the dates showed November 11, 2022, he started the bankruptcy process; The future of millions of investors was uncertain.

Sam Bankman-Fried, who was detained in the Bahamas exactly one month later, on December 12, 2022; violating financial laws currently by US federal prosecutors; He is being tried in the light of the indictment prepared for money laundering and fraud. Fried denies all charges against him, including fraud.


Independently Known Crypto News Site Revealed To Be Funded By FTX Founder


Good News For Those Who Fear Investing In Crypto Bitcoin After The FTX Crisis: How Much Bitcoin Binance Has It Has Been Certain

source site-35