SBF sells his Washington house as feds seize $700m

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Regulation
SBF sells his Washington house as feds seize $700m

Sam Bankman-Fried is in deep financial trouble after the most recent Fed raid. According to reports, United States Federal authorities have taken almost $700 million from the FTX ex-CEO, mainly from his Robinhood shares. Soon after, the crypto villain put his Washington, DC, townhome on the market for $3.28 million.

SBF in big money trouble

As he slowly loses support from the US capital, Sam Bankman-Fried has to let go of his physical assets gradually. The mega house he has put up for sale has four bedrooms and five bathrooms. 

The DC home listing value remains the same as that of the purchase. As per the available reports, SBF’s brother Gabe Bankman-Fried bought the house through his nonprofit Guarding Against Pandemics in April 2022. 

The Washington house is not the only property SBF owns. A month after his extradition to the US from the Bahamas, a judge released SBF on a $250 million bail secured by the equity in his $4 million family home in Palo Alto, California. But unfortunately, this is also the same home where he’s under house arrest.

Feds strip off SBF assets worth $700 million

According to a court filing from last week, the Feds seized from SBF more than 55 million shares of Robinhood stock. Additionally, they now hold millions of dollars from several bank accounts. Prosecutors argue that SBF used FTX’s funds to make personal investments.

Bankman-Fried was arrested last month in the Bahamas and faces charges including wire fraud, money laundering, and conspiracy to commit fraud. However, SBF pleaded not guilty to all charges.

If the court finds him guilty – SBF is in for an extended cold winter stay in federal prison. Bankman-Fried counts of fraud and other crimes carry a sentence of up to 115 years.

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Samuel Mbaki Wanjiku

Samuel is an adventurous person who likes to explore topics in-depth and learn new things each day. His passion lies in gaining knowledge to help transform the world through his writing skills. He also believes in blockchain technology and its potential to usher in a cashless society. Currently, he is pursuing a Computer Science Bachelor’s degree driven by his fascination with emerging technologies. He has writing experience of about three years in different fields and two in blockchain technology.