A recent article by Reuters stated that prosecutors from the DOJ have confiscated a staggering $700 million from the creator of the battered FTX exchange Sam Bankman-Fried (widely known in the crypto space as SBF). The source cited by the article is Friday court filing.
Dogecoin co-founder Billy Markus shared the article on his Twitter handle, adding a sarcastic comment, in which he cited SBF, when the FTX founder told the court that he only had $100,000 left from his billions. The above mentioned funds confiscated from SBF came largely in the form of Robinhood shares.
Tesla and Twitter boss, tech mogul Elon Musk commented on that with two ROFL emojis. Both Musk and Markus have been highly critical of FTX and its founder when the exchange went insolvent and SBF was charged with defrauding investors.
🤣🤣— Elon Musk (@elonmusk) January 21, 2023
Robinhood shares, Binance and banks deposits of SBF
SBF has been charged with using huge sums in USD belonging to FTX users in an attempt to bail out his crypto trading firm Alameda Research, but he pleaded innocent to those fraud charges. He will be facing trial in the fall of this year on this.
Earlier this year, the U.S. Department of Justice (DOJ) announced the seizure of Bankman-Fried's assets. The lion share of them was in the form of Robinhood shares (HOOD), however, there were also funds in several banks and crypto deposits on the Binance digital exchange.
In particular, this week federal prosecutors from the DOJ seized nearly $100 million from SBF's accounts, which he kept in Silvergate Bank linked to FTX Digital Markets, an FTX subsidiary based in the Bahamas.
Elon Musk turned down SBF $5 billion offer
As reported by U.Today earlier, last year, well before FTX trouble became obvious to everyone in the market, Sam Bankman-Fried got in touch with Elon Musk to offer him an investment of $5 billion to help him buy the social media giant. He also offered help in switching Twitter to blockchain rails.
Musk explained to him that Twitter on blockchain was an impossible thing to do and turned down his offer with the money. Overall, Musk paid $44 billion to become the sole owner of Twitter, the deal was finalized in late October last year.