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700 million dollars in assets seized from ex-FTX boss

U.S. authorities have, according to public records, seized about $700 million in assets tied to FTX.

By Luc Vesters
• 2 min read
700 million dollars in assets seized from ex-FTX boss

Authorities in the U.S. have, according to public records, seized about $700 million in assets tied to FTX.

A large portion of the seized assets come from the currently indicted former head of the exchange, Sam Bankman-Fried. Included are 55.3 million shares of the trading platform Robinhood. Bankman-Fried bought the shares using a loan from Alameda Research, the trading firm connected to FTX. It’s still unclear whether this was funded with customer money.

The seized assets are part of a push by bankruptcy watchdogs who recently said they had already secured $5 billion in FTX funds. Exchange customers remain hopeful for restitution. After the latest efforts, interim CEO John Ray III is now even considering a restart of the exchange.

Meanwhile, FTX founder Sam Bankman-Fried, who faces multiple felonies, remains under house arrest. According to his blog, he remains convinced of the solvency of the U.S. arm of the exchange. Here he recently tried to prove FTX.US assets to the public using his own Excel spreadsheets to clear his name.

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