Does Crypto Have a Banking Problem?
The Breakdown
00:00
The US Government Seizes Nearly $700 Million in Assets and Cash Associated With SPF
Court documents filed on Friday by the Justice Department have disclosed the seizure of almost $700 million in assets related to fraud charges leveled against FTX's former CEO, Sam Bankman-Free. The bulk of these assets are the 7.6% stake in Robinhood purchased in May, with those shares currently being worth around $526 million. Another portion of the seized assets were cash held in bank accounts. In other words, this report might be suggesting that banks like Silvergate and Signature might not be conforming to their agency's view of sound banking practices.
Play episode from 06:33
Transcript
