SBF to Forfeit $700M if Convicted

NEW YORK – FTX’s infamous founder, Sam Bankman-Fried, will relinquish $700 million of assets if found guilty, according to a court forfeiture order filed in New York on Jan. 20, released Monday. The assets were seized by officials during a two-week period starting Jan. 4.

Federal prosecutor Damian Williams wrote in the court document that “the government respectfully gives notice that the property subject to forfeiture” will include over $165 million in cash at various banks, including the embattled Silvergate Bank, as well as $525 million worth of Robinhood (HOOD) shares. 

Bankman-Fried’s co-conspirators Gary Wang and Caroline Ellison, have both pleaded guilty and are cooperating with federal prosecutors. So far, Bankman-Fried maintains his innocence, recently detailing his position on his Substack last week.