FED Make Major Move: $700 Million Seized from Sam Bankman Fried

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The United States Federal authorities have seized $697 million from Sam Bankman Fried, Founder of cryptocurrency exchange FTX.The majority of the assets were being in the form of shares of the popular trading app, Robinhood.SBF had previously announced that he had acquired a 7.6% stake in Robinhood stating that it was an attractive investment opportunity.These…

The United States Federal authorities have seized $697 million from Sam Bankman Fried, Founder of cryptocurrency exchange FTX.The majority of the assets were being in the form of shares of the popular trading app, Robinhood.SBF had previously announced that he had acquired a 7.6% stake in Robinhood stating that it was an attractive investment opportunity.These Robinhood shares which are worth $50 million have been claimed by Sam, BlockFi representatives, and the leadership of FTX Debtors.Federal authorities have alleged that these shares were acquired using the funds that were stolen from FTX customers.Even though the reason for the seizure has not been made public yet, it has raised questions about the legality of such actions and their implication in the cryptocurrency industry.Several experts are concerned that the future of the crypto industry will be packed with stringent regulations.The United States government stated that over $6 million from three accounts at Silvergate Bank were under the name of FTX Digital Markets.

These assets were initially owned by a Bahamian company and were later acquired by the US government on Jan 11.Silvergate Bank reported a loss of $1 billion in the fourth quarter of 2022 after FTX’s collapse.Moreover, around $50 million was stored at Moonstone Bank, a financial institution in the U.S.that has connections to the administration of FTX.

The case is still going on and the outcomes will have a deep impact on the crypto industry.Was this writing helpful? No Yes Back to top button Crypto news Elon Musk & Billy Markus Criticize SBF Following $700M Seizure In the early hours today, the US Federal prosecutors seized nearly $700 million in cash and assets which are in connection with FTX founder Sam Bankman-Fried.As per the reports most of these assets were in the form of Robinhood shares held by SBF.Earlier in May Sam Bankman-Fried had claimed to have acquired a 7.6% stake in Robinhood.

As per the court filings made on Jan 20, federal investigations in the Southern District of New York have taken hold of FTX’s assets.Also the US prosecutor mentioned 10 accounts which have shares, cash and cryptocurrency.

Federal Prosecutors Seize $700M From SBF Following the seizure of $700M from SBF, Dogecoin co-founder Billy Markus and Twitter head Elon Musk have taken this opportunity to criticize SBF and his stance.Billy Markus penned a sarcastic quote pointing towards SBF’s earlier claim where SBF had claimed to have left with only $100K.

In reply to Billy Markus’ post, Elon Musk was quick enough to comment with two ROFL emojis.

Since the time FTX went into bankruptcy, Elon Musk and Billy Markus have been condemning SBF for misleading investors.FTX filed its bankruptcy in November 2022 after SBF was charged with using USD that belonged to FTX customers.However, he pleaded not guilty to those charges and is currently under house arrest at his parents’ place.His next trial is scheduled for October, 2023.

Earlier this week the federal prosecutors had seized $100 million from SBF’s Silvergate Bank which was linked to Bahamas FTX Digital Markets.Was this writing helpful? No Yes Elena R Elena is an expert in technical analysis and risk management in cryptocurrency market.She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.Back to top button Crypto news Will Genesis Bankruptcy Spell Disaster for Grayscale’s GBTC and DCG? The cryptocurrency lending platform, Genesis Global Capital, which is owned and operated by Digital Currency Group, has filed for bankruptcy.This raises concerns about the potential impact on other companies and services provided by the parent company, as is commonly seen in such circumstances.

What Happens to GBTC? One of the businesses in question is Grayscale Bitcoin Trust (GBTC), the crypto investment product created by Grayscale, a subsidiary of Digital Currency Group (DCG).In a public statement on January 20, DCG’s owner, Barry Silbert, emphasized that all of the company’s other subsidiaries, including Grayscale, are unaffected by Genesis Global Capital’s financial situation and that this will not change in any manner.Silbert went on to state that DCG will continue to conduct business as usual and that there will be no disruptions.However, the company owes Genesis roughly $526 million, which is due in May 2023, as well as $1.1 billion that is owed based on a promissory note that is due in June 2032.Silbert also stated that DCG has every intention of meeting its commitments to Genesis even after the company undergoes restructuring.

According to DCG, Genesis has its own independent management team, legal counsel, and financial consultants.DCG also formed a special committee of independent directors, who are in charge of the company’s reorganization, and who suggested and determined that it file for chapter 11 bankruptcy.The statement also clarified that “neither DCG nor any of its employees, including those who sit on the Genesis board of directors, were involved in the decision to file for bankruptcy.” Was this writing helpful? No Yes Elena R Elena is an expert in technical analysis and risk management in cryptocurrency market.She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.It looks like the crypto market is all set to enjoy a bullish weekend as the star cryptocurrency, Bitcoin has surpassed yet another important resistance of $22,000 area.

Ethereum is on a similar pace leading other top ten altcoins including BNB, XRP, Cardano and others.Among these altcoins, Cardano is considered to be among the top currencies that will enter the bullish momentum.

Cardano’s ADA attained its ATH in 2021 and since then the altcoin has not spiked that level.However, the Cardano network’s boosts of strong fundamental and development activity.Meanwhile, the experts claim that the upcoming updates of Cardano network will fuel ADA prices.As per the reports, the update is scheduled to take place on Feb 11 and is set to happen on test networks.While immediately after three days, that is Feb 14 the next update will be introduced.Once the update is successful, the smart contract developers on Plutus will have multi-threshold signature designs.

Charles Hoskinson : Token Burn Increase Market Volatility On the other hand, Cardano has a total supply of 45 billion ADA which is more than Bitcoin’s supply positioned at 21 million.Hence, the community is under discussion regarding token burn which will push ADA’s price rally.This token burning is a method used to reduce the total supply of a particular currency so that it creates demand.This in turn will fuel the currency’s price action.However, even though this method has helped many currencies, Cardano founder Charles Hoskinson has opposed token burning.This is because he believes this method doesn’t create any fundamental value to the network and also he views this method as manipulative.

Moreover, Hoskinson claims token burn will bring down liquidity and increase market volatility impacting investors.Hence, the Cardano network mainly focuses on upgrading its technology rather than token burning which is a short term solution.

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