Prosecutors seize SBF’s $50M deposit to small bank

Prosecutors seized just under $50 million belonging to FTX founder Sam Bankman-Fried (SBF) held in Farmington State Bank on Jan. 4, according to a Yahoo Finance (YF) report on Jan. 24.

The total amount seized was only $500 short of $50 million, according to the YF report. The bank specialized in agricultural loans to farmers and had only three employees when SBF deposited this amount. It also didn’t offer online banking services or credit cards and had a net worth of $5.7 million.