lydian-logo
bitcoin

Bitcoin (BTC)

Price
$ 68,044.23
ethereum

Ethereum (ETH)

Price
$ 3,785.66
cardano

Cardano (ADA)

Price
$ 0.454101
xrp

XRP (XRP)

Price
$ 0.526759
litecoin

Litecoin (LTC)

Price
$ 83.77
stellar

Stellar (XLM)

Price
$ 0.107549

SBF will lose $700 million in assets if found guilty of fraud

Published on

January 21, 2023
Read Time:2 Minute, 17 Second

Disgraced FTX founder Sam Bankman-Fried (SBF) may have round $700 million price of belongings confiscated if discovered responsible of fraud, in keeping with new court docket filings.

In a court docket doc filed On Jan. 20, U.S. Lawyer Damian Williams acknowledged that the “authorities respectfully advises that property topic to forfeiture” covers a protracted listing of belongings throughout fiat, shares and crypto.

The filings say many of the belongings have been seized by the federal government between Jan. 4 and Jan. 19, whereas it's also making an attempt to say “all funds and belongings” belonging to a few separate Binance accounts.

Trying on the listing of belongings seized, the biggest allocations embody 55,273,469 shares of Robinhood (HOOD) price roughly $525.5 million on the time of writing, $94.5 million at Silvergate Financial institution, 49 $.9 million at Farmington State Financial institution and $20.7 million at ED&F Man Capital Markets, Inc.

SABF Forfeiture Order: Court docket Listener

The federal government has filed a confiscation order on this case, alleging that these belongings have been illegally obtained by means of using buyer deposits.

Whereas members of SBF's internal circle corresponding to Caroline Ellison and Gary Wang have confessed their function in FTX's collapse and cooperated with prosecutors, the person himself has pleaded not responsible to all eight costs in opposition to him.

Associated: FTX Bankruptcy Attorney: Debtors Face 'Twitter Attack' By Sam Bankman-Fried

FTX attracted African buyers with inflation hedge advertising and marketing

In different FTX associated information, a Jan 18th report from the Wall Road Journal (WSJ) highlighted the getting older advertising and marketing the change put out in Africa not too lengthy earlier than its chapter in November.

The marketing campaign in query promoted USD-pegged stablecoins as safer investments than native currencies when it comes to inflation, whereas selling the potential to earn 8% yearly through staking rewards packages.

Whereas this inflationary sentiment could also be usually true on condition that African currencies just like the Nigerian naira and Ghanaian cedi have plummeted in opposition to the USD, any African FTX consumer who was gained over by the advertising and marketing naturally misplaced cash when the corporate went bankrupt went.

Associated: FTX's reboot might stall because of long-broken consumer belief, observers say

Former FTX training head for Africa Pius Okedinachi advised the WSJ that across the time the change was overseeing round $500 million in month-to-month buying and selling quantity in Africa, with many of the quantity coming from Nigeria.

Notably, simply eight days earlier than FTX filed for chapter, SBF additionally promoted FTX's companies in West Africa, saying in a Nov. 3 tweet that the change had began accepting deposits in West African CFA francs.

Source link

Happy
Happy
0 %
Sad
Sad
0 %
Excited
Excited
0 %
Sleepy
Sleepy
0 %
Angry
Angry
0 %
Surprise
Surprise
0 %
Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : January 21, 2023
Top crossmenumenu-circle