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The U.S. District Court for the Southern District of New York issued a final order of forfeiture that stripped former FTX CEO Sam Bankman-Fried of a vast array of assets following his conviction for fraud.
The detailed court document spans dozens of pages, cataloging the extensive holdings once attributed to the disgraced entrepreneur, including a significant stake in cryptocurrencies and traditional financial assets.
Among the forfeited assets, the most substantial was the $606 million worth of Robinhood (NASDAQ:HOOD) shares held by Bankman-Fried’s company, Emergent Fidelity Technologies. In addition to this, the court listed an array of crypto holdings belonging to Alameda Research, the trading firm co-founded by Bankman-Fried.
These holdings included $56 million in Ripple (XRP), $3.6 million in Tron (TRX), $3.4 million in Cardano (ADA), and $2.3 million in Bitcoin (BTC), among various other cryptocurrencies.
The forfeiture also encompassed several high-value financial assets, such as $119 million in Tether (USDT) held at Binance for Alameda Research, $21 million at Marex for Emergent Fidelity Technologies, $50 million at Moonstone Bank for FTX Digital Markets, $101 million at Silvergate for FTX Digital Markets, and $7 million at Flagstar Bank for Bankman-Fried and another individual.
Additionally, two private jets, a 2009 Bombardier (OTC:BDRBF) Global 5000 and a 2006 Embraer Legacy, were included in the seized assets.
The court proceedings further revealed the retraction of more than 250 political donations made by Bankman-Fried and other FTX executives. These donations had been distributed widely across political campaigns and state organizations, with one in three members of Congress during the last session having received contributions.
In a related development, the bankruptcy proceedings for FTX began distributing the first payouts on Tuesday. Creditors who were owed smaller amounts started receiving funds, with a total of $1.2 billion disbursed, representing approximately 119% of the original value of their accounts prior to the 2022 collapse of the cryptocurrency exchange. However, these creditors did not benefit from the subsequent rise in the value of the crypto market.
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