Home / Cardano News /Biggest Movers: SOL Up 20%, ADA Hits Highest Point Since November

Biggest Movers: SOL Up 20%, ADA Hits Highest Point Since November

21 Jan 2023

Federal prosecutors have seized $697 million in assets, mostly comprised of more than 56 million Robinhood shares worth $526 million, from FTX co-founder Sam Bankman-Fried. Court filings detailed that the U.S. government seized a series of bank accounts belonging to Bankman-Fried, holding millions in cash.

The U.S. government has seized nearly $700 million from the former FTX CEO and co-founder, Sam Bankman-Fried (SBF), according to court documents reviewed by CNBC. Most of the funds came from the 56,273,269 shares of Robinhood Markets Inc. (Nasdaq: HOOD) owned by Bankman-Fried. Using exchange rates from Jan. 20, 2023, the Hood shares are worth more than $526 million.

Furthermore, CNBC reporters Rohan Goswami and MacKenzie Sigalos detail that nearly $56 million held in four bank accounts was seized as well. Three accounts holding $6 million were allegedly held at Silvergate Bank and one account reportedly held at Moonstone Bank held $50 million. In total, $171 million in cash was taken by the federal government from Bankman-Fried. Moonstone Bank explained on Jan. 19, 2023, that the financial institution will officially be exiting the crypto space.

Alameda Research invested $11.5 million into Moonstone Bank, also known as Farmington State Bank, through FBH, Moonstone’s holding company. Federal prosecutors believe the $697 million in assets, mostly made up of Robinhood shares, were acquired using funds stolen from FTX customers. Bankman-Fried maintains his innocence and has “denied misappropriating customer assets,” Sigalos explained on Friday.

Additionally, federal agents also seized funds that belonged to SBF that were held on the crypto exchanges Binance and Binance US. The U.S. government revealed intentions to seize the Robinhood shares during the first week of January 2023, and the U.S. Department of Justice (DOJ) initiated the process.

Bankman-Fried attempted to regain access to the shares, noting that he needed the money to pay for legal expenses. The U.S. government can seize funds from citizens suspected of wrongdoing without necessarily charging them with a crime and from charged suspects awaiting trial. Federal prosecutors do not believe the assets seized are the property in the bankruptcy estate.

What do you think about Federal prosecutors seizing nearly $700 million from SBF? Share your thoughts in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Federal prosecutors have seized $697 million in assets, mostly comprised of more than 56 million Robinhood shares worth $526 million, from FTX co-founder Sam Bankman-Fried. Court filings detailed that the U.S. government seized a series of bank accounts belonging to Bankman-Fried, holding millions in cash.

The U.S. government has seized nearly $700 million from the former FTX CEO and co-founder, Sam Bankman-Fried (SBF), according to court documents reviewed by CNBC. Most of the funds came from the 56,273,269 shares of Robinhood Markets Inc. (Nasdaq: HOOD) owned by Bankman-Fried. Using exchange rates from Jan. 20, 2023, the Hood shares are worth more than $526 million.

Furthermore, CNBC reporters Rohan Goswami and MacKenzie Sigalos detail that nearly $56 million held in four bank accounts was seized as well. Three accounts holding $6 million were allegedly held at Silvergate Bank and one account reportedly held at Moonstone Bank held $50 million. In total, $171 million in cash was taken by the federal government from Bankman-Fried. Moonstone Bank explained on Jan. 19, 2023, that the financial institution will officially be exiting the crypto space.

Alameda Research invested $11.5 million into Moonstone Bank, also known as Farmington State Bank, through FBH, Moonstone’s holding company. Federal prosecutors believe the $697 million in assets, mostly made up of Robinhood shares, were acquired using funds stolen from FTX customers. Bankman-Fried maintains his innocence and has “denied misappropriating customer assets,” Sigalos explained on Friday.

Additionally, federal agents also seized funds that belonged to SBF that were held on the crypto exchanges Binance and Binance US. The U.S. government revealed intentions to seize the Robinhood shares during the first week of January 2023, and the U.S. Department of Justice (DOJ) initiated the process.

Bankman-Fried attempted to regain access to the shares, noting that he needed the money to pay for legal expenses. The U.S. government can seize funds from citizens suspected of wrongdoing without necessarily charging them with a crime and from charged suspects awaiting trial. Federal prosecutors do not believe the assets seized are the property in the bankruptcy estate.

What do you think about Federal prosecutors seizing nearly $700 million from SBF? Share your thoughts in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Solana rose by as much as 20% Saturday, as crypto markets came alive to start the weekend. The token hit a 12-week high in today’s session, breaking out of a key price ceiling in the process. Cardano also rose to its strongest point since November, with the global cryptocurrency market cap up 6.86% as of writing.

Solana (SOL), was one of Saturday’s notable gainers, as the token rose by as much as 20% in today’s session.

SOL/USD hit a high of $26.41 to start the weekend, which follows on from Friday’s low at $21.27.

As a result of this move, solana broke out of a key resistance level of $25.00, hitting its strongest point since November 8 in the process.

Looking at the chart, the 14-day relative strength index (RSI) also broke out of a ceiling of its own at the 73.00 mark.

As of writing, the index is tracking at 73.84, with the next visible resistance at the 81.00 zone.

If bulls were to collide with this wall, then it is likely that solana could move above the $30.00 point.

Another big mover on the weekend was cardano (ADA), which also moved to its strongest point since November.

Following a low of $0.3364 on Saturday, ADA/USD raced to an intraday peak of $0.3726 earlier today.

This surge saw cardano jump to its strongest point in the past 12 weeks, breaking out of a resistance of $0.3650 in the process.

As can be seen on the chart, the move took price strength to a ceiling of 73.00, however, it has so far failed to overcome this hurdle.

Due to this, earlier gains have somewhat eased, as traders moved to secure gains, leading to ADA currently trading at $0.366.

Should this obstacle be eventually overcome, the next target for ADA bulls will likely be $0.40.

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Tags in this story
ada, Analysis, Cardano, SOL, Solana

What is behind this weekend’s rally in cryptocurrency prices? Let us know your thoughts in the comments.

Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

Image Credits: Shutterstock, Pixabay, Wiki Commons, JOCA_PH / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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