FTX founder’s assets confiscated

About $700 million in assets of FTX founder and former CEO Sam Bankman-Fried were confiscated.

New York Southern District Attorney Damian Williams has identified 10 accounts of stocks, cash and cryptocurrencies to be seized, according to court records.

If found guilty of fraud, Bankman-Fried will cease to exist in question.

Cryptocurrency exchange FTX started to experience liquidity problems at the beginning of November last year after problems with its rival and the world’s largest crypto exchange Binance.


It was announced that FTX started the bankruptcy process in the USA on November 11, 2022, and the CEO of the company, Sam Bankman-Fried, also resigned. Sam Bankman-Fried was detained in the Bahamas on December 12, 2022, after the United States filed a criminal complaint.

In the US, federal prosecutors had filed indictments against Bankman-Fried for various crimes, including fraud, violation of financial laws, and money laundering.

It was decided that Bankman-Fried, who was handed over to the USA on December 21, 2022, would be released on $250 million bail until the hearing.

Bankman-Fried, who is on trial for 8 crimes, including fraud and money laundering, denied the charges against him at a hearing in New York’s Southern District Court in early January.