Federal prosecutors have seized $50 million from the one-branch Farmington State Bank, which they claim was deposited there as part of FTX founder Sam Bankman Fried’s vast scheme to defraud investors through his massive cryptocurrency exchange business, according to court records. Prosecutors recently unsealed court documents indicating that funds were seized on January 4 as part of a multicount indictment. Federal prosecutors charged Bankman-Fried, who previously ran the third-largest cryptocurrency exchange by volume, with wire fraud, commodities fraud, and fraud against investors.
