According to Sam Bankman-Fried, the disgraced head executive of the now defunct crypto exchange FTX, he only had about $100,000 to his name after his business fell into bankruptcy and he was arrested on alleged fraud charges. However, it appears federal prosecutors have seized as much as $700 million, all of which is believed to have been in accounts owned either by SBF himself or by the exchange.
Sam Bankman-Fried Says He Only Had $100K
In yet another string of lies, Sam Bankman-Fried is trying desperately to play himself off as a victim of what’s happened. This, in itself, is something of a joke because if he did indeed use customer funds to pay off loans for his other company or to invest in luxury Bahamian real estate as prosecutors claim, he is by no means a victim… He is the victimizer, and his former customers have all been hit hard by his selfish and irresponsible actions.
Right now, as part of its bankruptcy proceedings, FTX is working to obtain as many funds as it can to pay off creditors and grant them what they’re owed. This is all occurring under the new CEO of the company John Ray III, who also took over for the disaster known as Enron when it fell to the ground nearly 20 years ago.
In a recent statement, the Securities and Exchange Commission (SEC) – which recently filed a civil suit against the former crypto head – mentioned:
Bankman-Fried was orchestrating a massive, years-long fraud, diverting billions of dollars of the trading platform’s customer funds for his own personal benefit and to help grow his crypto empire.
Bankman-Fried has stated that he only had $100K to his name at the time of his firm’s initial collapse, though as many as ten separate accounts belonging to the crypto executive have been seized at the time of writing. These accounts contained a multitude of assets including crypto, stock shares, and cash.
For example, over 55 million shares in the trading platform Robinhood have been confiscated. All these shares are presently valued at nearly ten dollars each, meaning the combined total comes to a whopping $526 million. In addition, government regulators have confiscated as much as $94 million from an account in SBF’s name at Silvergate Bank, while another $50 million was taken from an account with the financial institution Moonstone Bank.
So Many Accounts Uncovered
Another account under the name Emergent Fidelity Technologies – which has been linked back to Sam Bankman-Fried – contained as much as $20 million within its digital walls, and three separate accounts on the crypto exchange Binance have also been locked up by prosecutors.
In an interview, SBF alleged that he only had one ATM card to his name and the $100K sum discussed.