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SBF To Forfeit $700M Worth Of Assets If Found Guilty Of Fraud

Sam Bankman-Fried (SBF)

While the majority of SBF’s Assets have been seized, Federal Prosecutor Damian Williams outlined that the government is also looking to take control of three of his affiliated Binance accounts.

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According to new court filings, disgraced FTX founder Sam Bankman-Fried (SBF) will be dependent upon the forfeiture of roughly $700 million worth of assets if he were to be found guilty of fraud.

A Court report was recorded on January 20.federal prosecutor Damian Williams outlined that the “Government deferentially pulls out that the property subject to forfeiture” covers an extensive list of assets across fiat, shares and Crypto.

The filings state that a large portion of the assets were seized by the government among Jan.4 and Jan. 19, while it is also looking to make a case for “all monies and assets” having a place with three separate Binance accounts.

Looking at the list of seized assets, the greatest allocations include 55,273,469 Robinhood (HOOD) shares worth roughly $525.5 million at the hour of composing, $94.5 million held at Silvergate Bank,At ED&F Man Capital Markets, Inc.

At ED&F Man Capital Markets, Inc.

The government has submitted a forfeiture order in this occurrence as it alleges that these assets have been obtained unlawfully by means of the use of customer deposits.

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While members of SBF’s inner circle, for example, Caroline Ellison and Gary Wang have fessed up and cooperated with prosecutors over their roles in FTX’s collapse, the man himself has argued not guilty to all eight criminal charges laid against him.

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 poorly aged marketing that the exchange released in Africa not too well before it failed in November.

The campaign in question touted USD-pegged Stablecoins as more secure investments than local currencies concerning inflation, while also promoting the possibility to earn 8% yearly through staking rewards programs.

While those inflation sentiments may generally be valid given that African Currencies, for example, the Nigerian Naira and Ghanaian Cedi have plunged against the USD, any African FTX customer persuaded by the marketing of course went on lost funds when the firm failed.

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Former FTX Education lead for Africa Pius Okedinachi told the WSJ that around that the exchange oversaw around $500 million worth of month to month trading volume in Africa, with the greater part of the volume coming from Nigeria.

Notably, only eight days before FTX filed for bankruptcy, SBF also promoted FTX’s services to West Africa, declaring in a Nov. 3 tweet that the exchange had started accepting deposits in West African CFA francs.

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