DOJ Moves to Seize $160M in Crypto from Binance Tied to SBF's Alleged China Bribe

Nov 13, 2024, 05:30 AM

The U.S. Department of Justice has filed a civil forfeiture lawsuit seeking to seize approximately $160 million worth of cryptocurrency assets linked to FTX founder Sam Bankman-Fried, who was convicted a year ago of orchestrating a massive fraud at his FTX exchange. The assets are held in a Binance account and include $85 million in Solana (SOL), along with other cryptocurrencies such as Internet Computer (ICP), Avalanche (AVAX), Ripple (XRP), and Cardano (ADA). This move follows a year-long investigation and is part of the DOJ's ongoing efforts to recover assets connected to FTX and alleged bribery by Bankman-Fried to Chinese officials.