Binance Caught in FTX Crossfire: US Department of Justice to Seize $16 Million in Crypto

• The DOJ is initiating a civil forfeiture procedure against Binance.
• Former FTX CEO deposited about $16 million on the Binance exchange.
• The deposited funds were linked to bribery by Sam Bankman-Fried.

The FTX bankruptcy case took a new turn, with the US Department of Justice (DOJ) initiating a civil forfeiture procedure against Binance exchange.

According to reports, the DOJ aims to retrieve approximately $16 million held in a Binance account as part of investigation. The alleged funds are presumably linked to bribes authorized by Sam Bankman-Fried, the former CEO of the defunct FTX crypto exchange.

After a year-long investigation, the DOJ found FTX deposits in these cryptocurrencies on Binance: Internet Computer (ICP), Avalanche (AVAX), Ripple (XRP), Cardano (ADA), and Solana (SOL).

Read also: FTX Sues Binance and CZ for $1.8 Billion; Alameda Research Targets Waves Founder

Notably, Solana makes up over half of the total value under investigation—$8.5 million. The value of these cryptocurrencies has increased since they were deposited because the crypto market has been rising recently.

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