Federal prosecutors have seized nearly $700 million in assets linked to former FTX CEO Sam Bankman-Fried, primarily in the form of Robinhood shares.
According to court documents, the seized assets include $94.5 million in an account in Silvergate Bank, $49.9 million held at Farmington State Bank, and $20.7 million at ED&F Man Capital Markets, Inc.
The bulk of the value comes from 55,273,469 Robinhood (HOOD) shares that Bankman-Fried allegedly purchased using stolen FTX customer funds. The stock closed Friday at $9.52, valuing the shares at roughly $526 million.
“We believe that these assets are not property in the bankruptcy estate” or are subject to exemptions, meaning they don't have to be frozen like most FTX assets are, pending wind-up," U.S. Attorney Seth Shapiro told a Delaware bankruptcy court earlier this month.
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