The US Department of Justice has filed a civil complaint seeking the seizure of nearly $16 million in crypto held in a Binance account following a year-long investigation.
Details from a Presenting to the court The tokens in question, reviewed by Decrypt, are said to be linked to a bribe authorized by Sam Bankman-Fried.
Given how the assets have doubled since the initial transfers, the case could complicate recovery efforts by law enforcement.
In the year The Binance token created in November 2023 is said to contain Internet Computer (ICP), Avalanche (AVAX), Ripple (XRP), Cardano (ADA) and Solana (SOL) tokens. Notably, more than half of the tokens held in the account were in SOL, amounting to nearly $8.5 million.
Sentiment on the back of US-listed spot cryptocurrencies Bitcoin and Ethereum saw the crypto market's impressive recovery this year see their value rise to around $16 million.
The case also directed Bankman-Fried to transfer $40 million from Alameda Research's coffers to pay bribes to Chinese officials from an incident in November 2021. The aim was to free up nearly $1 billion worth of crypto held on two exchanges in China.
The movement between December 2021 and December 2023 was found in several private wallets, as the money was finally deposited into the Binance deposit wallet.
Officials say the account showed suspicious trading patterns, with “almost daily” stablecoin and Bitcoin deposits being “rapidly converted” to other cryptos in over-the-counter trades.
It is the latest in a series of developments since Bankman-Fried to pursue assets seized in FTX-related crimes. Guilty on seven criminal charges.
The former crypto mogul is currently a He was sentenced to 25 years in prison. And he appealed the conviction with his lawyer. Making a claim The former CEO was “presumed guilty – before he was even charged.”
He was originally charged with conspiracy to violate the Foreign Corrupt Practices Act, forming one of thirteen counts of bribery that were part of the Bankuman-Fried indictment. This case was separated from the main trial in which he was convicted.
Edited by Sebastian Sinclair.
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