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The feds have seized nearly $700 million from FTX founder Sam Bankman-Fried

Federal authorities seized nearly $700 million from FTX founder Sam Bankman-Fried, mostly from Robinhood shares he owned.

A court filing on Friday shows that the federal government seized more than 55 million Robinhood shares along with tens of millions of dollars from each of several bank accounts.

Bankman-Fried was arrested last month in the Bahamas and extradited to the United States to face charges including wire fraud, money laundering and conspiracy to commit fraud as part of an alleged scheme to defraud investors.

Prosecutors alleged that Bankman-Fried used investor funds for his own purposes to finance investments by his hedge fund, Alameda Research, buy real estate and make political donations.

He pleaded not guilty to all charges earlier this month. He has said that he has not stolen any money and that FTX clients should be able to get money back from him despite the cryptocurrency exchange’s bankruptcy filing in November.

Federal authorities have said Bankman-Fried used money investors intended to put into FTX to buy Robinhood shares.

The total value of the seized shares exceeds $500 million. Five of the sums that officials seized were for accounts in the name of “FTX Digital Markets,” while three were for all money, assets, and funds contained in three accounts at Binance, another cryptocurrency exchange.

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