SBF to forfeit $700M worth of assets if found guilty of fraud

1 year ago

While astir of SBF’s person been seized, Federal authoritative Damian Williams outlined that the authorities is besides looking to instrumentality power of 3 of his affiliated Binance accounts.

SBF to forfeit $700M worthy of assets if recovered blameworthy of fraud

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According to caller tribunal filings, disgraced FTX laminitis Sam Bankman-Fried (SBF) volition beryllium taxable to the forfeiture of astir $700 cardinal worthy of assets if helium were to beryllium recovered blameworthy of fraud.

In a tribunal papers filed connected Jan 20, U.S. national authoritative Damian Williams outlined that the “government respectfully gives announcement that the spot taxable to forfeiture” covers a agelong database of assets crossed fiat, shares and crypto.

The filings authorities that astir of the assets were seized by the government betwixt Jan.4 and Jan. 19, portion it is besides looking to laic assertion to “all monies and assets” belonging to 3 abstracted Binance accounts.

Looking astatine the database of seized assets, the biggest allocations see 55,273,469 Robinhood (HOOD) shares worthy astir $525.5 cardinal astatine the clip of writing, $94.5 cardinal held astatine Silvergate Bank, $49.9 cardinal held astatine Farmington State Bank and $20.7 cardinal astatine ED&F Man Capital Markets, Inc.

The authorities has submitted a forfeiture bid successful this lawsuit arsenic it alleges that these assets person been obtained unlawfully via the usage of lawsuit deposits.

While members of SBF’s interior ellipse specified arsenic Caroline Ellison and Gary Wang person fessed up and cooperated with prosecutors over their roles successful FTX’s collapse, the antheral himself has pleaded not guilty to each 8 transgression charges laid against him.

FTX roped successful African investors with ostentation hedge selling

In different FTX-related news, a Jan. 18 report from the Wall Street Journal (WSJ) highlighted poorly aged selling that the speech released successful Africa not excessively agelong earlier it went bankrupt successful November.

The run successful question touted USD-pegged stablecoins arsenic safer investments than section currencies concerning inflation, portion besides promoting the imaginable to gain 8% yearly via staking rewards programs.

While those ostentation sentiments whitethorn mostly beryllium existent fixed that African currencies specified arsenic the Nigerian naira and Ghanaian cedi person plummeted against the USD, immoderate African FTX lawsuit persuaded by the selling of people went connected mislaid funds erstwhile the steadfast went bankrupt.

Former FTX acquisition pb for Africa Pius Okedinachi told the WSJ that astir that the speech oversaw astir $500 cardinal worthy of monthly trading measurement successful Africa, with astir of the measurement coming from Nigeria.

Notably, conscionable 8 days earlier FTX filed for bankruptcy, SBF besides promoted FTX’s services to West Africa, announcing successful a Nov. 3 tweet that the speech had started accepting deposits successful West African CFA francs.

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