The US continues to pursue the seizure of cryptocurrency assets linked to Sam Bankman-Fried, convicted for fraud at FTX.
Ongoing Investigation
In New York, prosecutors filed a motion to seize digital currency from an account allegedly tied to bribes paid to Chinese officials before FTX's collapse. As of December 12, 2023, this account held $8.6 million, but its worth has risen to $18.5 million due to market growth over the past year.
Crypto Assets and Their Growth
The account in question holds various cryptocurrencies, including Solana, Cardano, Ripple, Internet Computer, and Avalanche. The significant increase in the account's value is largely attributed to the substantial rise in the price of Solana, which is currently the fourth-largest cryptocurrency by market capitalization.
Legal Proceedings
Bankman-Fried is currently appealing his conviction. Prosecutors had previously claimed that in early 2021, Chinese law enforcement froze accounts belonging to Alameda Research, a trading firm associated with FTX. Allegedly, Bankman-Fried authorized a $40 million bribe to release $1 billion held in these Chinese accounts.
The situation involving the seizure of cryptocurrency assets linked to the FTX case and Sam Bankman-Fried remains under legal review, highlighting the complexities and length of legal proceedings in the crypto world.
