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FTX Founder to Forfeit $700M Worth of Assets if Proven Liable for Fraud

Mushu Butt by Mushu Butt
January 21, 2023 - 7:00 am
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Sam Bankman-Fried (SBF), the infamous founder of crypto exchange FTX, would be subject to the forfeiture of almost $700 million in assets if found liable for fraud, according to recent court documents. In a recent court filing, U.S. federal prosecutor Damian Williams stated that the government politely offers notice that the assets subject to forfeiture include a lengthy list of fiat, stock, and cryptocurrency assets.

Seizure of Million-Dollar Assets

According to the documents, the government seized the majority of the assets between January 4 and January 19, and it also seeks to lay claim to all funds and assets pertaining to three distinct Binance accounts. The largest allocations include 55,273,469 Robinhood (HOOD) shares valued at around $525.5 million at the time of writing, $94.5 million held via Silvergate Bank, $49.9 million held via Farmington State Bank, and $20.7 million held via ED&F Man Capital Markets, Inc.

In this case, the government has requested a forfeiture order because it claims that these assets were obtained illegally by using customer deposits. While members of SBF’s inner circle including Gary Wang and Caroline Ellison have confessed and worked with investigators on their involvement in FTX’s collapse, SBF himself has pleaded not guilty to all eight of the counts brought against him.

FTX Exposed for Fraud in Africa

In other FTX-related news, a Wall Street Journal (WSJ) report revealed subpar marketing that the exchange launched in Africa just before it filed for bankruptcy in November. The campaign in question promoted USD-pegged stablecoins as more inflation-resistant investments than local currencies, as well as the opportunity to earn 8% annually through staking rewards programs.

Any African FTX consumer who was persuaded by the company’s marketing strategy lost funds when the company went bankrupt. Former FTX education lead for Africa Pius Okedinachi told the WSJ that the exchange controlled over $500 million in monthly trading volume in Africa, with Nigeria accounting for the majority of the volume.

Tags: CryptoFTX
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Mushu Butt

Mushu Butt

Mushu Butt is an experienced freelance content writer. His focus is primarily on blockchain technology and cryptocurrency. One might even refer to him as a "blockchain enthusiast." He has been following advancements in the crypto and blockchain area for several years, researching and writing his insights in the media.In addition to being a skilled content writer, Mushu is also knowledgeable in SEO and digital marketing. He aspires to succeed as a content creator in the digital realm, dealing with customers in the finance and tech industries to generate traffic through engaging taglines and content. Mushu enjoys traveling, reading, and playing cricket when he is not writing. He now works as a news and article writer for Blockchainreporter.

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