FTX assets of $700 million seized in Sam Bankman-Fried case

Federal prosecutors reportedly confiscated nearly $700 million tied to crypto exchange founder Sam Bankman-Fried’s criminal fraud case.

A court record revealing that information came the same day a lawyer representing the 30-year-old former head of FTX asked a judge not to honor media outlets’ request to reveal the name of the two parties who, along with Bankman-Fried’s parents, signed for the defendant’s $250 million bond.

“Mr. Bankman-Fried and his parents have been the target of actual efforts to cause them harm,” attorney Christian Everdell said. “Recently, the Bankman-Frieds had a security incident at their home when a black car drove into the metal barricade set up outside their home.”

According to Everdell, three men got out of that car and said something to the effect of “You won’t be able to keep us out” when confronted by security. The trio allegedly drove off without being identified.

CNBC reports the majority of cash and assets seized by prosecutors consisted of Robinhood stocks allegedly purchased with stolen funds from customers. Bankman-Fried denies he stole from investors. He began FTX Trading Ltd., in 2019 and turned it into one of the world’s largest cryptocurrency exchanges by volume.

Robinhood Markets describes itself as “a financial services platform that pioneered commission-free stock trading with no account minimums and fractional share trading.”

After his Dec. 12 arrest in the Bahamas, prosecutors claimed the California native swindled $8 billion from investors. He was released from jail on Dec. 22 to live at his parents $4 million home in Palo Alto, Calif., near Stanford University, where they both teach law.

“I didn’t steal funds, and I certainly didn’t stash billions away,” Bankman-Fried insisted in an online newsletter last week.

Forbes estimated Bankman-Fried — also known as SBF — was worth $26 billion in March 2022. He told ABC News in December that he had $100,000 left.