Sam Bankman-Fried is in deep financial trouble after the most recent Fed raid. According to reports, United States Federal authorities have taken almost $700 million from the FTX ex-CEO, mainly from his Robinhood shares. Soon after, the crypto villain put his Washington, DC, townhome on the market for $3.28 million.
SBF in big money trouble
As he slowly loses support from the US capital, Sam Bankman-Fried has to let go of his physical assets gradually. The mega house he has put up for sale has four bedrooms and five bathrooms.
The DC home listing value remains the same as that of the purchase. As per the available reports, SBF’s brother Gabe Bankman-Fried bought the house through his nonprofit Guarding Against Pandemics in April 2022.
Sam Bankman-Fried lists DC house for $3.28M after feds seize $700M in assets https://t.co/nG7NhQ7q2d pic.twitter.com/jbhkG6WxiM
— New York Post (@nypost) January 23, 2023
The Washington house is not the only property SBF owns. A month after his extradition to the US from the Bahamas, a judge released SBF on a $250 million bail secured by the equity in his $4 million family home in Palo Alto, California. But unfortunately, this is also the same home where he’s under house arrest.
Feds strip off SBF assets worth $700 million
According to a court filing from last week, the Feds seized from SBF more than 55 million shares of Robinhood stock. Additionally, they now hold millions of dollars from several bank accounts. Prosecutors argue that SBF used FTX’s funds to make personal investments.
Bankman-Fried was arrested last month in the Bahamas and faces charges including wire fraud, money laundering, and conspiracy to commit fraud. However, SBF pleaded not guilty to all charges.
If the court finds him guilty – SBF is in for an extended cold winter stay in federal prison. Bankman-Fried counts of fraud and other crimes carry a sentence of up to 115 years.