If FTX founder Sam Bankman-Fried is found guilty of fraud, $700 million in assets could be confiscated. About Writer Bloomberg cited a lawsuit filed by federal prosecutors.
Among the properties and assets that could be confiscated were approximately 55 million Bankman-Fried shares valued at $526 million and cryptocurrencies worth more than $20 million stored in the account of the Emergent Fidelity Technologies holding. It exceeded 171 million dollars.
The FTX crypto exchange was valued at $32 billion at the start of 2022, but in November the company declared bankruptcy. Sam Bankman-Freed was accused of fraudulently raising $1.8 billion from investors and using FTX funds to make risky bets at his hedge fund Alameda Research and to cover personal expenses.
The founder of FTX pleaded not guilty to eight crimes. He is currently under house arrest at his family’s home in California.
Formerly socialbites.ca saidGenesis cryptocurrency exchange filed for bankruptcy after FTX.
Source: Gazeta
Jackson Ruhl is a tech and sci-fi expert, who writes for “Social Bites”. He brings his readers the latest news and developments from the world of technology and science fiction.