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Disgraced FTX founder Sam Bankman-Fried (SBF) could face the forfeiture of nearly $700 million worth of assets if found guilty of fraud, according to new court filings.
In court papers filed Jan. 20, U.S. federal prosecutor Damian Williams outlined that “the government will respectfully notify property subject to forfeiture,” adding that fiat currency, stocks, virtual It covers a long list of assets across currencies.
According to the filing, most of the assets were seized by the government between January 4th and January 19th, along with claims for “all money and assets” belonging to three separate Binance accounts. I’m trying
Looking at the list of seized assets, the largest allocations include 55,273,469 shares of Robinhood (HOOD) stock worth about $525.5 million at the time of writing, $94.5 million held at Silvergate Bank, and a $94.5 million at Farmington State Bank. Includes $49.9 million held and $20.7 million held at ED&F Man Capital Markets. ,Ltd
The government has filed a forfeiture order, alleging that these assets were obtained illegally using customer deposits.
While SBF inner circle members, such as Caroline Ellison and Gary Wang, have challenged and cooperated with prosecutors over their role in the collapse of FTX, the man himself faces all eight criminal charges against him. pleads not guilty to
Related: FTX Bankruptcy Lawyer: Debtors Face ‘Twitter Attack’ Triggered by Sam Bankman-Fried
FTX roped in African investors with inflation hedge marketing
In other FTX-related news, a Jan. 18 report from The Wall Street Journal (WSJ) highlighted old marketing the exchange released in Africa shortly before it went bankrupt in November.
The campaign in question touted the US dollar-pegged stablecoin as a safer investment than local currencies in terms of inflation, while touting the potential to earn 8% annually via a staking rewards program.
These inflationary sentiments may be generally correct given that African currencies such as the Nigerian Naira and the Ghanaian Cedi have plummeted against the US dollar, but of course, African FTX customers persuaded by marketing are more likely than not to believe the company lost money when it went bankrupt.
Related: FTX reboot may fail due to long-term loss of user trust, observers say
Pius Okedinachi, former head of FTX education for Africa, told the WSJ that the exchange oversees about $500 million worth of monthly trading volume in Africa, most of it from Nigeria.
Notably, just eight days before FTX filed for bankruptcy, SBF also promoted FTX’s services to West Africa, announcing in a tweet on November 3 that the exchange had started accepting deposits in West African CFA francs. Did.
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