• Federal prosecutors seized nearly $700 million in cash and assets from FTX founder Sam Bankman-Fried.
• Dogecoin co-founder Billy Markus and Twitter head Elon Musk have criticized SBF for his earlier claim of having only $100K left.
• US prosecutors have taken hold of FTX’s assets and 10 accounts which have shares, cash and cryptocurrency.
Today, the US Federal prosecutors made a major move and seized nearly $700 million in cash and assets which are in connection with FTX founder Sam Bankman-Fried. According to the court filings made on January 20, the Southern District of New York have taken hold of FTX’s assets as well as 10 accounts which have shares, cash and cryptocurrency.
This move comes after Sam Bankman-Fried had claimed to have acquired a 7.6% stake in Robinhood back in May. Following the seizure of $700M from SBF, Dogecoin co-founder Billy Markus and Twitter head Elon Musk have taken this opportunity to criticize SBF and his stance. Billy Markus penned a sarcastic quote pointing towards SBF’s earlier claim where SBF had claimed to have left with only $100K. In reply to Billy Markus‘ post, Elon Musk was quick enough to comment with two ROFL emojis.
FTX filed its bankruptcy in November 2022 after SBF was charged with using USD that belonged to FTX customers to purchase millions of dollars worth of cryptocurrency. SBF was also accused of fraud and misappropriation of funds in a lawsuit filed by the US Commodity Futures Trading Commission (CFTC).
Since then, both Billy Markus and Elon Musk have been condemning SBF for misleading investors and disregarding the trust of his customers. This latest move by the US Federal Prosecutors shows that they take fraud and financial crimes seriously and that justice will prevail. This incident is a clear warning to investors and entrepreneurs to be careful when investing in cryptocurrency and to always keep an eye out for any suspicious activity.