Federal Court Reveals Extent of Sam Bankman-Fried’s Assets
A federal court has provided a comprehensive overview of the vast array of assets owned by Sam Bankman-Fried, the former CEO of FTX, prior to his trial and subsequent imprisonment for fraud. Following his conviction, the government intervened to seize approximately $1 billion in financial assets, along with two aircraft.
The final order of forfeiture, issued on Tuesday by the U.S. District Court for the Southern District of New York, formally terminated Bankman-Fried’s ownership stake in a property list that spans dozens of pages. This court document unveiled the extensive portfolio of assets that the once-prominent billionaire claimed, including a significant collection of cryptocurrencies linked to Alameda Research, the trading firm co-founded by SBF.
Among the multitude of cryptocurrencies detailed in the documentation, Alameda’s holdings at Binance included:
- $56 million in Ripple-connected tokens (XRP)
- $3.6 million in Tron’s (TRX)
- $3.4 million in Cardano (ADA)
- $2.3 million in Bitcoin (BTC)
- and many others, according to the accounting.
The most substantial asset listed was the proceeds from the sale of Robinhood stock, amounting to $606 million, which was held by Bankman-Fried’s Emergent Fidelity Technologies. Other notable financial assets included:
- $119 million in Tether (USDT) held at Binance for Alameda Research
- $21 million at Marex allocated for Emergent Fidelity Technologies
- $50 million at Moonstone Bank for FTX Digital Markets
- $101 million at Silvergate for FTX Digital Markets
- $7 million at Flagstar Bank for SBF and another individual
The accounting of forfeited assets also included two private jets: a 2009 Bombardier Global 5000 and a 2006 Embraer Legacy. The court document detailed an extensive list of over 250 political donations that had been retracted from the campaigns and organizations that received them. This included contributions made by other FTX executives, allegedly under SBF’s direction. Notably, at one point, one in three members of Congress during the last session were recipients of funds from Bankman-Fried or other FTX executives, contributing to a wide array of state political organizations as well.
Additionally, on the same day, the first payouts commenced in the bankruptcy proceedings of FTX, with $1.2 billion being distributed to those owed relatively modest amounts. These recipients were set to recover approximately 119% of their initial account balances from the 2022 collapse, while missing out on the significant surge in cryptocurrency markets that followed.
