According to new court filings, disgraced FTX founder Sam Bankman Fried (SBF) will face forfeiture of nearly $700 million worth of assets if he is found guilty of fraud.
In a court document filed On January 20, US federal prosecutor Damian Williams outlined that “the government respectfully gives notice that the property is subject to forfeiture” covering a long list of assets in fiat, shares and crypto.
Most of the assets were, the filing said. Possession by Govt Between January 4 and January 19, it is also trying to claim “all funds and assets” belonging to three separate Binance accounts.
Looking at the list of seized assets, the most allocated include 55,273,469 Robin Hood (HOOD) shares worth about $525.5 million, $94.5 million in Silver Gate Bank, $49.9 million in Farmington State Bank and $20.7 million in ED&F Markets Capital. , Inc.
The government has filed a seizure order in the case as it has alleged that the assets were acquired illegally by using customer deposits.
While SBF inner circle members such as Caroline Allison and Gary Wang has played. and cooperated with prosecutors. on their role in FTX eliminationis the man himself Pleaded not guilty. All eight criminal charges against him.
Related: FTX Bankruptcy Lawyer: Creditors Face ‘Twitter Attack’ From Sam Bankman Freud
FTX Joins African Investors With Inflation Hedge Marketing
In other FTX-related news, January 18 Reports The Wall Street Journal (WSJ) highlighted the marketing of the bad age, not long after an exchange issued in Africa went bankrupt in November.
The campaign in question touted USD-pegged stablecoins as a safe investment relative to local currencies, while also promoting the potential to earn 8% annually through rewards programs.
While those inflationary sentiments may generally be correct as African currencies such as the Nigerian Naira and the Ghana Cedi have fallen against the USD, surely any African FTX customer who was persuaded by the marketing when the firm went bankrupt If there was, the funds were wasted.
Related: Analysts say the FTX reboot could be down due to long-broken consumer confidence.
Pius Okedinachi, former FTX education lead for Africa, told the WSJ that the exchange oversaw about $500 million worth of monthly trading volume in Africa, with most of the volume coming from Nigeria.
Notably, just eight days before FTX filed for bankruptcy, the SBF also promoted FTX’s services in West Africa, announcing in a November 3 tweet that the exchange accepted deposits in West African CFA francs. It has started.
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