🚨 TACTICAL LEGAL UPDATE: The Commingling Lever & Asset Extraction

The Power of Commingled Funds: Evidence presented at trial established that customer deposits were systematically commingled with corporate funds within Alameda Research’s accounts. Under U.S. federal criminal asset forfeiture law, when assets are derived from fraudulent activity and subsequently commingled, the resulting accounts and assets acquired with those funds are subject to criminal forfeiture.

Why this changes everything:

• Absolute Tactical Pressure: The U.S. Department of Justice (DOJ) possesses the statutory authority to seek the forfeiture of assets identified as proceeds of fraud. This criminal jurisdiction exists independently of, and can take priority over, the Chapter 11 bankruptcy process.
  
  
• Surgical Extraction of the "Jewels": Rather than pursuing a broad estate freeze which may cause administrative delays, the DOJ can utilize its forfeiture authority to specifically target and secure high-value assets, namely the SpaceX shares and the cash proceeds from the Anthropic sale, from the Estate’s control.
  
  
• The Clock is Ticking: With post-collapse restructuring payouts to non-customer entities already underway since May, the window for effective asset recovery is closing. As of June 22, 2026, it is imperative that the DOJ exercises its mandate to secure these proceeds of fraud before the Estate’s remaining value is further depleted.