FTX had long been touted as a leader in the crypto asset marketplace, but its financial future is now murky at best. A shocking revelation came to light in a court filing on Friday; United States prosecutors have captured an astounding $700 million worth of assets connected with the bankrupt crypto exchange FTX and its founder, Sam Bankman-Fried.
Furthermore, it cements the notion that nobody is above the law regardless of one’s stature or wealth. According to the document filed by U.S. Attorney Damian Williams, the holdings, with nearly 55.3 million shares of Robinhood stock, were collected on January 4. Presently, the shares are reportedly worth $526 million.
The U.S. authorities also raided other subsidiary companies and captured funds worth $20.7 million from Emergent at ED&F Man Capital Markets, Inc. Another $49.9 million was captured at Farmington State Bank. Between January 11 and 19, the DOJ recovered more than $100 million from Silvergate Bank.
How to Stay Protected from Cryptocurrency Fraud?
Crypto frauds are an ever-present danger and can have devastating consequences if you fall victim to them. To protect yourself, it’s important to do your due diligence before investing in any cryptocurrency asset.
Make sure you research the cryptocurrency exchange platform thoroughly, including reading reviews from trusted sources, learning about its history and reputation, and understanding exactly how it works. By following these steps, you’ll be better equipped to avoid becoming a crypto fraud victim.