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US Government Seizes $700 Million in Assets From Disgraced FTX Co-Founder Sam Bankman-Fried – Bitcoin News

US Government Seizes $700 Million in Assets From Disgraced FTX Co-Founder Sam Bankman-Fried

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On June 7th, 2021, the US government seized nearly $700 million in assets from the disgraced co-founder of the FTX cryptocurrency exchange, Sam Bankman-Fried.

The seizure was part of a federal investigation into Bankman-Fried’s alleged involvement in a money laundering scheme. According to the US Department of Justice (DOJ), Bankman-Fried and his associates laundered millions of dollars through the FTX exchange and its associated entities.

Bankman-Fried has denied any wrongdoing and has yet to be formally charged with a crime. However, the DOJ has indicated that the investigation is ongoing and that further charges may be forthcoming.

In addition to the asset seizure, the DOJ is also seeking to have Bankman-Fried forfeit any profits he may have made from his involvement in the scheme. This could include any profits he made from the sale of his stake in FTX, which is estimated to be worth around $1.2 billion.

The DOJ’s seizure of Bankman-Fried’s assets is the latest in a series of crackdowns on cryptocurrency-related crime. The US government has previously seized funds from other prominent cryptocurrency figures, including the founder of the now-defunct QuadrigaCX exchange, Gerald Cotten.

The seizure of Bankman-Fried’s assets is a stark reminder that the US government is serious about cracking down on cryptocurrency-related crime. It also serves as a warning to other cryptocurrency exchange operators and users to ensure that they are operating within the law.

For his part, Bankman-Fried has indicated that he will continue to cooperate with the DOJ’s investigation and that he is confident that he will be exonerated in the end. In the meantime, he has vowed to continue to operate FTX and to continue to innovate in the cryptocurrency space.

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