The U.S. Department of Justice seeks to seize $16 million in cryptocurrencies tied to FTX

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Cointime2024/11/13 04:55

By:Cointime

after a year of investigation, the US Department of Justice has filed a civil forfeiture lawsuit demanding the seizure of approximately $16 million worth of cryptocurrency held in Binance accounts. These tokens are said to be related to bribes authorized by SBF. Since their initial transfer, the value of these assets has more than doubled, which could complicate the law enforcement's recovery efforts.

The tokens held in this account include Internet Computer (ICP), Avalanche (AVAX), Ripple (XRP), Cardano (ADA), and Solana (SOL), with over half being SOL, worth about $8.5 million.

This case stems from an incident in November 2021, where SBF allegedly instructed the transfer of $40 million from the Alameda Research wallet for bribery purposes. The funds were traced through multiple private wallets and eventually landed in Binance's deposit wallet.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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Cryptopolitan•2024/11/14 05:44