CandleFocus DOJ Seeks Seizure of $16 Million in FTX-Linked Crypto Following Year-Long Probe
2024-11-13
Author: Content Editor
The article reveals that tokens connected to bribes authorized by Sam Bankman-Fried have more than doubled in value since their initial transfers, which could complicate recovery efforts by law enforcement. The tokens, including Internet Computer, Avalanche, Ripple, Cardano, and Solana, were held in a Binance account created in November 2023. Over half of the tokens in the account were in Solana, accounting for about $8.5 million. Their value has since risen to $16 million due to the crypto market's recovery. The case stems from an incident in November 2021 where Bankman-Fried allegedly directed a transfer to initiate a bribe for Chinese officials. The funds were traced through multiple private wallets and ended up in the Binance deposit wallet. The account showed suspicious transaction patterns. Bankman-Fried is currently serving a 25-year prison sentence and has appealed his conviction.
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