A federal court has outlined how extensive Sam Bankman-Fred’s assets were for the young CEO of FTX, was tried and imprisoned for fraud, and the government swung in to seize approx. $ 1 billion in financial assets and two aircraft.
The last forfeiture issued on Tuesday by the US District Court, to the southern district of New York, formally cut off Bankman-Fred’s ownership interest on a real estate list dozens of pages long. The court’s document revealed the broad cut of assets that one time billionaire claimed ownership, including extensive crypto holdings of Alameda Research, the trading company SBF founded.
From the many pages of Cryptocurrencies included Alameda’s assets on Binance $ 56 million in Ripple-connected to Token (XRP), $ 3.6 million of Tron’s (TRX), $ 3.4 million of Cardano (ADA), $ 2.3 million in Bitcoin (BTC) and dozens of others, according to the accounts.
The heaviest possession that was detailed between the assets was the proceeds from the sale of the Robinhood share-$ 606 million, such as Bankman-Fred’s Emergent Fidelity Technologies.
Other financial assets included:
- 119 million dollars in Tether (USDT) held at Binance for Alameda Research
- 21 million dollars at Marex held for Emergent Fidelity Technologies
- $ 50 million at Moonstone Bank for FTX Digital Markets
- 101 million dollars on Silvergate for FTX Digital Markets
- 7 million dollars at Flagstar Bank for SBF and another individual
Report of lost assets also included two private jets: a Bombardier Global 5000 and an Embraer -Harvar from 2006.
The court’s document also detailed a comprehensive list of more than 250 political donations that had been withdrawn from the campaigns and the organizations that received them, including amounts that other FTX executives allegedly gave under the direction of the SBF. At one point, one of three members of Congress during the last session was recipients of money from Bankman-Fred or other FTX leaders, and they also gave to a comprehensive number of state political organizations.
Also on Tuesday, the first payments in FTX’s bankruptcy began, with $ 1.2 billion going out to those who owed relatively small amounts. They were set to recover about 119% of what they had originally had in their accounts during the collapse of 2022, and missed the huge recovery in crypto markets since then.
