by Fintech Express | Jan 21, 2023 | Regulation
Bankman-Fried, FTX Ex-CEO, and founder will lose assets worth $700M if he is found guilty of fraud during his upcoming trial. Bankman-Fried was arrested in the Bahamas and extradited to the US, facing multiple counts of fraud and breaking banking rules.
Bankman-Fried might lose his possessions
Sam Bankman-Fried might lose his possessions which currently stand at around $700M, a fall from over $10B if he is found guilty of eight counts of fraud. He is accused of misusing customer funds at FTX, making the exchange end up collapsing.
Allegations detail that he siphoned the money via Alameda Research, a company he had founded before FTX. The allegations are that he spent the funds on personal expenses.
Per a Friday court filing in the Southern District of New York, US Attorney Damian Williams said that 10 bank accounts, some shares, cash, and crypto holdings are among the possessions that Bankman-Fried will forfeit if he loses the trials.
The US already has its hands on Bankman-Fried’s accounts and shares
The asset pool the US prosecutors are eyeing includes highly contented 55 million Robinhood shares. These shares are priced at around $526M. They were bought via a loan from Alameda research and collateralized on another loan from BlockFi.
Bankman-Fried, BlockFi, and the FTX liquidation team have been contending to repossess them. However, the Department of Justice previously announced it had seized them. Other assets that are Bankman-Fried might forfeit over $20M held in an account under the name Emergent Fidelity Technologies.
Emergent Fidelity is a holding company that Bankman-Fried used to purchase shares. The court filing also explained that the Department of Justice was in reach of another $171M deposited under the name FTX Digital Markets in three Binance accounts. It explained that the possessions were collected between Jan.4 and Jan 19.
Elsewhere the authorities are increasing their efforts by cracking down on risky crypto exchanges. The US recently arrested Bizlato’s founder and closed down that exchange. South Korean regulators have also issued an arrest warrant for Do Kwon, ex-CEO of Terra Luna ecosystem.
Terra Luna collapsed in Mid 2022 due to shady management, and arrests have also been made. Keep watching FintechExpress for crypto regulation and other finance-related news.
by Fintech Express | Jan 20, 2023 | Cryptocurrencies
Genesis Capital has filed for bankruptcy protection with a New York court following a series of troubles with Digital Currency Group, its parent company. Bybit has been caught up in the crossfire as its investment arm reportedly committed sizeable funds to Genesis Capital, prompting its founder to speak out.
Mirana invested heavily in Genesis before bankruptcy
Ben Zhao, the Bybit founder, took to Twitter earlier today to comment on the developments regarding the connection between the now-bankrupt Genesis capital and Bybit.
He commented on an earlier tweet that had pointed at Bybit as a risky entity at the moment following Genesis Capital’s fall. The tweet claimed that Miran(Bybit) is one of Genesis capital’s creditors. The tweet detailed that Bybit had committed around $151M.
Zhao tweeted what he called full disclosure and said that Mirana is Bybit’s investment arm. He added that Mirana is tasked to manage some bybit company assets only and that client funds are separate from the funding that Mirana receives. He added that Bybit’s earn products also do not use Mirana.
Zhao also stressed that of the reported $151M, around $120M is in collateralized positions that Mirana already liquidated before DCG and Genesis capital’s woes.
Series of bankruptcies continues in the crypto space
Genesis capital is one of the many platforms that have met their end in the 2022 bear market. Big names like FTX, Celsius, Voyager, and Blockfi have all filed for bankruptcy. Most of these players have gone under due to poor management and leadership.
Other big crypto empires like Terra Luna have also gone down, claiming the life savings of many. Now, there is no end in sight as even more organizations continue to file for bankruptcy, have lay-offs, and leave the crypto space.
It remains to be seen if the crypto space will learn from its mistakes this bear and do better in the future or if the mayhem will continue. Keep watching FintechExpress.news for crypto and other finance-related news.
by Fintech Express | Nov 3, 2022 | Podcast
In the newest edition of “Around the Block With Jefferson Nunn,” Jefferson interviews John Dogru of 3DOS.
John is a thought leader in digital manufacturing, IP security, and streamlining 3d printing workflows. He has graduated the Top IOT accelerator in Silicon Valley, and has founded multiple companies. He designed just-in-time manufacturing systems and motherboards as a lead engineer at Dell. Additionally, he was an internal I/T auditor which helped him architect 3DPrinterOS. The platform complies with I/T processes and provides security for top corporations and universities.
John works with corporations, and universities, helping them understand how to monitor, scale, command and control their 3d printing networks, users, and IP in real-time.
by Fintech Express | Oct 5, 2022 | Podcast
In the newest edition of “Around the Block With Jefferson Nunn,” Jefferson interviews Shawn Owen of SALT Lending.
Mr. Owen is a business founder and entrepreneur with experience in management and ownership of enterprise operations with a passion for systems development, business operations, product delivery, and client service. Shawn became involved with blockchain technology through his advocacy of bitcoin in early 2011. He frequently speaks and writes on Blockchain technology and digital currencies.
by Fintech Express | Sep 26, 2022 | Podcast
In the newest edition of “Around the Block With Jefferson Nunn,” Jefferson interviews Sumedha Deshmukh.
Sumedha Deshmukh is a policy advisor at the Crypto Council for Innovation and a PhD student at the University of Cambridge. Prior to that, she was a member of the Blockchain and Digital Assets Team at the World Economic Forum, where she led projects on decentralized finance, consumer protection, and technical standards
by Fintech Express | Sep 19, 2022 | Podcast
In the newest edition of “Around the Block With Jefferson Nunn,” Jefferson interviews Jan Silhavy.
Jan is a Founder at The Crypto Headhunter and Co-Founder at Step In. He is a young entrepreneur, crypto enthusiast, and headhunter. Jan’s biggest accomplishment was founding projects that help companies grow by connecting them with the right talents. He’s also the creator of one of the largest job seeker communities in the world and his main goal is to help people get an opportunity in the web 3.0 space.
by Fintech Express | Sep 5, 2022 | Podcast
In the newest edition of “Around the Block With Jefferson Nunn,” Jefferson interviews Simon Grunfeld.
Simon Grunfeld is a VP of Web3 at Cogni. He is a founder and entrepreneur and brings a wealth of global experience across a broad spectrum of industries, ranging from blockchain, fintech, and capital markets to his executive role. His start in the capital markets began as the founder of Gallant VPS and Gallant FX, a PaaS world leader in Forex trading technologies.
by Fintech Express | Aug 31, 2022 | Podcast
In the newest edition of “Around the Block With Jefferson Nunn,” Jefferson interviews Gaurav Dubey.
Gaurav is the CEO of TDeFi – Crypto Incubator and Advisory that supports DeFi, NFT, GameFi, and Metaverse projects. Gaurav started making money at 12 by repairing electronics and has been building, operating, and exiting businesses ever since. He serves as Director, Partner, Investor, and Advisor to over 150 blockchain companies and 50+ other companies operating tech and non-tech businesses.
by Fintech Express | Aug 24, 2022 | Podcast
In the newest edition of “Around the Block With Jefferson Nunn,” Jefferson interviews Ovi Negrean.
Ovi Negrean is the Co-Founder & CEO of ACE and also of SocialBee’s. Ovi has over 10 years of experience in building SaaS and mobile products, managing software development teams, and creating ROI-positive marketing initiatives. He devotes his time and knowledge to helping startups worldwide build effective solutions and create marketing strategies.
by Fintech Express | Aug 22, 2022 | Podcast
In the newest edition of “Around the Block With Jefferson Nunn,” Jefferson interviews Paul Brody.
Paul Brody is the global blockchain leader at Ernst & Young, responsible for directing work and investments across assurance, tax, consulting, and software development worldwide in blockchain. Prior to joining EY, Paul was the Vice President for the Electronics Industry at IBM. He started his career at McKinsey & Co. in Los Angeles and Seoul.
