The FTX bankruptcy case took a new turn as the US Department of Justice initiated a civil forfeiture procedure against the Binance exchange.
Civil Forfeiture Against Binance
According to reports, the US DOJ aims to retrieve approximately $16 million held in a Binance account as part of the investigation. The alleged funds are presumably linked to bribes authorized by former FTX CEO Sam Bankman-Fried.
Role of Sam Bankman-Fried
Former FTX CEO, Sam Bankman-Fried, reportedly deposited about $16 million on the Binance exchange. These funds are alleged to be linked to bribery.
Details of Crypto Deposits
After a year-long investigation, the DOJ found FTX deposits in these cryptocurrencies on Binance: Internet Computer (ICP), Avalanche (AVAX), Ripple (XRP), Cardano (ADA), and Solana (SOL). Notably, Solana makes up over half of the total value under investigation—$8.5 million. The value of these cryptocurrencies has increased since they were deposited because the crypto market has been rising recently.
The seizure at Binance marks a significant step in the extensive investigation into the FTX case, which has drawn global attention.
