Based on new court docket filings, disgraced FTX founder Sam Bankman-Fried (SBF) will probably be topic to the forfeiture of roughly $700 million value of belongings if he had been to be discovered responsible of fraud.

In a court docket doc filed on Jan 20, U.S. federal prosecutor Damian Williams outlined that the “authorities respectfully offers discover that the property topic to forfeiture” covers an extended record of belongings throughout fiat, shares and crypto.

The filings state that many of the belongings had been seized by the federal government between Jan.4 and Jan. 19, whereas it’s also trying to lay declare to “all monies and belongings” belonging to a few separate Binance accounts.

Trying on the record of seized belongings, the largest allocations embrace 55,273,469 Robinhood (HOOD) shares value roughly $525.5 million on the time of writing, $94.5 million held at Silvergate Financial institution, $49.9 million held at Farmington State Financial institution and $20.7 million at ED&F Man Capital Markets, Inc.

The federal government has submitted a forfeiture order on this occasion because it alleges that these belongings have been obtained unlawfully through the usage of buyer deposits.

Whereas members of SBF’s internal circle similar to Caroline Ellison and Gary Wang have fessed up and cooperated with prosecutors over their roles in FTX’s collapse, the person himself has pleaded not responsible to all eight legal prices laid towards him.

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FTX roped in African buyers with inflation hedge advertising and marketing

In different FTX-related information, a Jan. 18 report from the Wall Avenue Journal (WSJ) highlighted poorly aged advertising and marketing that the trade launched in Africa not too lengthy earlier than it went bankrupt in November.

The marketing campaign in query touted USD-pegged stablecoins as safer investments than native currencies regarding inflation, whereas additionally selling the potential to earn 8% yearly through staking rewards packages.

Whereas these inflation sentiments could typically be true on condition that African currencies such because the Nigerian naira and Ghanaian cedi have plummeted towards the USD, any African FTX buyer persuaded by the advertising and marketing after all went on misplaced funds when the agency went bankrupt.

FTX reboot may falter attributable to long-broken person belief, say observers

Former FTX training lead for Africa Pius Okedinachi instructed the WSJ that round that the trade oversaw round $500 million value of month-to-month buying and selling quantity in Africa, with many of the quantity coming from Nigeria.

Notably, simply eight days earlier than FTX filed for chapter, SBF additionally promoted FTX’s providers to West Africa, saying in a Nov. 3 tweet that the trade had began accepting deposits in West African CFA francs.