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If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n

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\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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ADVERTISEMENT

\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

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ADVERTISEMENT

\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

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\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

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\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

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ADVERTISEMENT

\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

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ADVERTISEMENT

\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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FTX’s Former CEO Sam Bankman-Fried To Skip Second Trial

January 4, 2024

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Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

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November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

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ADVERTISEMENT

\n
See Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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FTX’s Former CEO Sam Bankman-Fried To Skip Second Trial

January 4, 2024

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Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

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August 15, 2024

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Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

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ADVERTISEMENT

\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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FTX’s Former CEO Sam Bankman-Fried To Skip Second Trial

January 4, 2024

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August 15, 2024

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Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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FTX’s Former CEO Sam Bankman-Fried To Skip Second Trial

January 4, 2024

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December 19, 2024

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August 15, 2024

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Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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FTX’s Former CEO Sam Bankman-Fried To Skip Second Trial

January 4, 2024

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Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

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Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

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Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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FTX’s Former CEO Sam Bankman-Fried To Skip Second Trial

January 4, 2024

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Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

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November 24, 2024

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Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

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Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
In this Chapter 11 case, it is noted that the debtors are BlockFi Inc.<\/li>\n<\/ul>\n\n\n\n
\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

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FTX’s Former CEO Sam Bankman-Fried To Skip Second Trial

January 4, 2024

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Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

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November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
\n
In this Chapter 11 case, it is noted that the debtors are BlockFi Inc.<\/li>\n<\/ul>\n\n\n\n
\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Cryptocurrencies

FTX’s Former CEO Sam Bankman-Fried To Skip Second Trial

January 4, 2024

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Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

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November 24, 2024

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Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

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Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
\"The United States has seized 55,273,469 shares of the stock of Robinhood Markets Inc. and $20,746,713.67 in United States currency (together, the \u201cSeized Assets\u201d) from an account at ED&F Man Capital Markets Inc. pursuant to judicially authorized seizure warrants issued in the Southern District of New York<\/em>,\" states the DOJ.<\/li>\n<\/ul>\n\n\n\n
\n
In this Chapter 11 case, it is noted that the debtors are BlockFi Inc.<\/li>\n<\/ul>\n\n\n\n
\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Cryptocurrencies

FTX’s Former CEO Sam Bankman-Fried To Skip Second Trial

January 4, 2024

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Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

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November 24, 2024

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August 15, 2024

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Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
\n
\"The United States has seized 55,273,469 shares of the stock of Robinhood Markets Inc. and $20,746,713.67 in United States currency (together, the \u201cSeized Assets\u201d) from an account at ED&F Man Capital Markets Inc. pursuant to judicially authorized seizure warrants issued in the Southern District of New York<\/em>,\" states the DOJ.<\/li>\n<\/ul>\n\n\n\n
\n
In this Chapter 11 case, it is noted that the debtors are BlockFi Inc.<\/li>\n<\/ul>\n\n\n\n
\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Cryptocurrencies

FTX’s Former CEO Sam Bankman-Fried To Skip Second Trial

January 4, 2024

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Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

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November 24, 2024

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August 15, 2024

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Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
In a Notice of Asset Seizures released<\/a> by the United States Department of Justice, over 55M Robinhood shares were linked to Sam Bankman-Fried and FTX co-founder Gary Wang.<\/p>\n\n\n\n
\n
\"The United States has seized 55,273,469 shares of the stock of Robinhood Markets Inc. and $20,746,713.67 in United States currency (together, the \u201cSeized Assets\u201d) from an account at ED&F Man Capital Markets Inc. pursuant to judicially authorized seizure warrants issued in the Southern District of New York<\/em>,\" states the DOJ.<\/li>\n<\/ul>\n\n\n\n
\n
In this Chapter 11 case, it is noted that the debtors are BlockFi Inc.<\/li>\n<\/ul>\n\n\n\n
\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\nSee Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Cryptocurrencies

FTX’s Former CEO Sam Bankman-Fried To Skip Second Trial

January 4, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

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Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

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Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9289,"post_author":"12","post_date":"2023-01-10 02:17:51","post_date_gmt":"2023-01-09 15:17:51","post_content":"\n
In a Notice of Asset Seizures released<\/a> by the United States Department of Justice, over 55M Robinhood shares were linked to Sam Bankman-Fried and FTX co-founder Gary Wang.<\/p>\n\n\n\n
\n
\"The United States has seized 55,273,469 shares of the stock of Robinhood Markets Inc. and $20,746,713.67 in United States currency (together, the \u201cSeized Assets\u201d) from an account at ED&F Man Capital Markets Inc. pursuant to judicially authorized seizure warrants issued in the Southern District of New York<\/em>,\" states the DOJ.<\/li>\n<\/ul>\n\n\n\n
\n
In this Chapter 11 case, it is noted that the debtors are BlockFi Inc.<\/li>\n<\/ul>\n\n\n\n
\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\nSee Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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FTX’s Former CEO Sam Bankman-Fried To Skip Second Trial

January 4, 2024

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Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

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November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

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ADVERTISEMENT

\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9289,"post_author":"12","post_date":"2023-01-10 02:17:51","post_date_gmt":"2023-01-09 15:17:51","post_content":"\n
In a Notice of Asset Seizures released<\/a> by the United States Department of Justice, over 55M Robinhood shares were linked to Sam Bankman-Fried and FTX co-founder Gary Wang.<\/p>\n\n\n\n
\n
\"The United States has seized 55,273,469 shares of the stock of Robinhood Markets Inc. and $20,746,713.67 in United States currency (together, the \u201cSeized Assets\u201d) from an account at ED&F Man Capital Markets Inc. pursuant to judicially authorized seizure warrants issued in the Southern District of New York<\/em>,\" states the DOJ.<\/li>\n<\/ul>\n\n\n\n
\n
In this Chapter 11 case, it is noted that the debtors are BlockFi Inc.<\/li>\n<\/ul>\n\n\n\n
\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\nSee Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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FTX’s Former CEO Sam Bankman-Fried To Skip Second Trial

January 4, 2024

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November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9289,"post_author":"12","post_date":"2023-01-10 02:17:51","post_date_gmt":"2023-01-09 15:17:51","post_content":"\n
In a Notice of Asset Seizures released<\/a> by the United States Department of Justice, over 55M Robinhood shares were linked to Sam Bankman-Fried and FTX co-founder Gary Wang.<\/p>\n\n\n\n
\n
\"The United States has seized 55,273,469 shares of the stock of Robinhood Markets Inc. and $20,746,713.67 in United States currency (together, the \u201cSeized Assets\u201d) from an account at ED&F Man Capital Markets Inc. pursuant to judicially authorized seizure warrants issued in the Southern District of New York<\/em>,\" states the DOJ.<\/li>\n<\/ul>\n\n\n\n
\n
In this Chapter 11 case, it is noted that the debtors are BlockFi Inc.<\/li>\n<\/ul>\n\n\n\n
\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\nSee Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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FTX’s Former CEO Sam Bankman-Fried To Skip Second Trial

January 4, 2024

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Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

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August 15, 2024

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Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9289,"post_author":"12","post_date":"2023-01-10 02:17:51","post_date_gmt":"2023-01-09 15:17:51","post_content":"\n
In a Notice of Asset Seizures released<\/a> by the United States Department of Justice, over 55M Robinhood shares were linked to Sam Bankman-Fried and FTX co-founder Gary Wang.<\/p>\n\n\n\n
\n
\"The United States has seized 55,273,469 shares of the stock of Robinhood Markets Inc. and $20,746,713.67 in United States currency (together, the \u201cSeized Assets\u201d) from an account at ED&F Man Capital Markets Inc. pursuant to judicially authorized seizure warrants issued in the Southern District of New York<\/em>,\" states the DOJ.<\/li>\n<\/ul>\n\n\n\n
\n
In this Chapter 11 case, it is noted that the debtors are BlockFi Inc.<\/li>\n<\/ul>\n\n\n\n
\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\nSee Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Cryptocurrencies

FTX’s Former CEO Sam Bankman-Fried To Skip Second Trial

January 4, 2024

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Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

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Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

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Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9289,"post_author":"12","post_date":"2023-01-10 02:17:51","post_date_gmt":"2023-01-09 15:17:51","post_content":"\n
In a Notice of Asset Seizures released<\/a> by the United States Department of Justice, over 55M Robinhood shares were linked to Sam Bankman-Fried and FTX co-founder Gary Wang.<\/p>\n\n\n\n
\n
\"The United States has seized 55,273,469 shares of the stock of Robinhood Markets Inc. and $20,746,713.67 in United States currency (together, the \u201cSeized Assets\u201d) from an account at ED&F Man Capital Markets Inc. pursuant to judicially authorized seizure warrants issued in the Southern District of New York<\/em>,\" states the DOJ.<\/li>\n<\/ul>\n\n\n\n
\n
In this Chapter 11 case, it is noted that the debtors are BlockFi Inc.<\/li>\n<\/ul>\n\n\n\n
\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\nSee Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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FTX’s Former CEO Sam Bankman-Fried To Skip Second Trial

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Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

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ADVERTISEMENT

\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9289,"post_author":"12","post_date":"2023-01-10 02:17:51","post_date_gmt":"2023-01-09 15:17:51","post_content":"\n
In a Notice of Asset Seizures released<\/a> by the United States Department of Justice, over 55M Robinhood shares were linked to Sam Bankman-Fried and FTX co-founder Gary Wang.<\/p>\n\n\n\n
\n
\"The United States has seized 55,273,469 shares of the stock of Robinhood Markets Inc. and $20,746,713.67 in United States currency (together, the \u201cSeized Assets\u201d) from an account at ED&F Man Capital Markets Inc. pursuant to judicially authorized seizure warrants issued in the Southern District of New York<\/em>,\" states the DOJ.<\/li>\n<\/ul>\n\n\n\n
\n
In this Chapter 11 case, it is noted that the debtors are BlockFi Inc.<\/li>\n<\/ul>\n\n\n\n
\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\nSee Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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FTX’s Former CEO Sam Bankman-Fried To Skip Second Trial

January 4, 2024

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Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

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August 15, 2024

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Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9289,"post_author":"12","post_date":"2023-01-10 02:17:51","post_date_gmt":"2023-01-09 15:17:51","post_content":"\n
In a Notice of Asset Seizures released<\/a> by the United States Department of Justice, over 55M Robinhood shares were linked to Sam Bankman-Fried and FTX co-founder Gary Wang.<\/p>\n\n\n\n
\n
\"The United States has seized 55,273,469 shares of the stock of Robinhood Markets Inc. and $20,746,713.67 in United States currency (together, the \u201cSeized Assets\u201d) from an account at ED&F Man Capital Markets Inc. pursuant to judicially authorized seizure warrants issued in the Southern District of New York<\/em>,\" states the DOJ.<\/li>\n<\/ul>\n\n\n\n
\n
In this Chapter 11 case, it is noted that the debtors are BlockFi Inc.<\/li>\n<\/ul>\n\n\n\n
\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\nSee Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Cryptocurrencies

FTX’s Former CEO Sam Bankman-Fried To Skip Second Trial

January 4, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

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Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

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Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

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Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9289,"post_author":"12","post_date":"2023-01-10 02:17:51","post_date_gmt":"2023-01-09 15:17:51","post_content":"\n
In a Notice of Asset Seizures released<\/a> by the United States Department of Justice, over 55M Robinhood shares were linked to Sam Bankman-Fried and FTX co-founder Gary Wang.<\/p>\n\n\n\n
\n
\"The United States has seized 55,273,469 shares of the stock of Robinhood Markets Inc. and $20,746,713.67 in United States currency (together, the \u201cSeized Assets\u201d) from an account at ED&F Man Capital Markets Inc. pursuant to judicially authorized seizure warrants issued in the Southern District of New York<\/em>,\" states the DOJ.<\/li>\n<\/ul>\n\n\n\n
\n
In this Chapter 11 case, it is noted that the debtors are BlockFi Inc.<\/li>\n<\/ul>\n\n\n\n
\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\nSee Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

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\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9289,"post_author":"12","post_date":"2023-01-10 02:17:51","post_date_gmt":"2023-01-09 15:17:51","post_content":"\n
In a Notice of Asset Seizures released<\/a> by the United States Department of Justice, over 55M Robinhood shares were linked to Sam Bankman-Fried and FTX co-founder Gary Wang.<\/p>\n\n\n\n
\n
\"The United States has seized 55,273,469 shares of the stock of Robinhood Markets Inc. and $20,746,713.67 in United States currency (together, the \u201cSeized Assets\u201d) from an account at ED&F Man Capital Markets Inc. pursuant to judicially authorized seizure warrants issued in the Southern District of New York<\/em>,\" states the DOJ.<\/li>\n<\/ul>\n\n\n\n
\n
In this Chapter 11 case, it is noted that the debtors are BlockFi Inc.<\/li>\n<\/ul>\n\n\n\n
\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\nSee Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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January 4, 2024

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November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9289,"post_author":"12","post_date":"2023-01-10 02:17:51","post_date_gmt":"2023-01-09 15:17:51","post_content":"\n
In a Notice of Asset Seizures released<\/a> by the United States Department of Justice, over 55M Robinhood shares were linked to Sam Bankman-Fried and FTX co-founder Gary Wang.<\/p>\n\n\n\n
\n
\"The United States has seized 55,273,469 shares of the stock of Robinhood Markets Inc. and $20,746,713.67 in United States currency (together, the \u201cSeized Assets\u201d) from an account at ED&F Man Capital Markets Inc. pursuant to judicially authorized seizure warrants issued in the Southern District of New York<\/em>,\" states the DOJ.<\/li>\n<\/ul>\n\n\n\n
\n
In this Chapter 11 case, it is noted that the debtors are BlockFi Inc.<\/li>\n<\/ul>\n\n\n\n
\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\nSee Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Cryptocurrencies

FTX’s Former CEO Sam Bankman-Fried To Skip Second Trial

January 4, 2024

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Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

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November 24, 2024

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Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

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Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
See Related: <\/strong><\/em>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n
The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9289,"post_author":"12","post_date":"2023-01-10 02:17:51","post_date_gmt":"2023-01-09 15:17:51","post_content":"\n
In a Notice of Asset Seizures released<\/a> by the United States Department of Justice, over 55M Robinhood shares were linked to Sam Bankman-Fried and FTX co-founder Gary Wang.<\/p>\n\n\n\n
\n
\"The United States has seized 55,273,469 shares of the stock of Robinhood Markets Inc. and $20,746,713.67 in United States currency (together, the \u201cSeized Assets\u201d) from an account at ED&F Man Capital Markets Inc. pursuant to judicially authorized seizure warrants issued in the Southern District of New York<\/em>,\" states the DOJ.<\/li>\n<\/ul>\n\n\n\n
\n
In this Chapter 11 case, it is noted that the debtors are BlockFi Inc.<\/li>\n<\/ul>\n\n\n\n
\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\nSee Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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November 24, 2024

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Follow The Distributed

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\n
The filing has also listed unspecified amounts in rival crypto exchange Binance and its subsidiary Binance US. Before the event leading to the FTX collapse, Binance had disclosed a rescue plan to help the bankrupt business, which never came through. <\/p>\n\n\n\n
See Related: <\/strong><\/em>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n
The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9289,"post_author":"12","post_date":"2023-01-10 02:17:51","post_date_gmt":"2023-01-09 15:17:51","post_content":"\n
In a Notice of Asset Seizures released<\/a> by the United States Department of Justice, over 55M Robinhood shares were linked to Sam Bankman-Fried and FTX co-founder Gary Wang.<\/p>\n\n\n\n
\n
\"The United States has seized 55,273,469 shares of the stock of Robinhood Markets Inc. and $20,746,713.67 in United States currency (together, the \u201cSeized Assets\u201d) from an account at ED&F Man Capital Markets Inc. pursuant to judicially authorized seizure warrants issued in the Southern District of New York<\/em>,\" states the DOJ.<\/li>\n<\/ul>\n\n\n\n
\n
In this Chapter 11 case, it is noted that the debtors are BlockFi Inc.<\/li>\n<\/ul>\n\n\n\n
\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\nSee Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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FTX’s Former CEO Sam Bankman-Fried To Skip Second Trial

January 4, 2024

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Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

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Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Part Of The Assets Seized Are Cryptos Held With The Binance Exchange<\/h2>\n\n\n\n
The filing has also listed unspecified amounts in rival crypto exchange Binance and its subsidiary Binance US. Before the event leading to the FTX collapse, Binance had disclosed a rescue plan to help the bankrupt business, which never came through. <\/p>\n\n\n\n
See Related: <\/strong><\/em>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n
The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9289,"post_author":"12","post_date":"2023-01-10 02:17:51","post_date_gmt":"2023-01-09 15:17:51","post_content":"\n
In a Notice of Asset Seizures released<\/a> by the United States Department of Justice, over 55M Robinhood shares were linked to Sam Bankman-Fried and FTX co-founder Gary Wang.<\/p>\n\n\n\n
\n
\"The United States has seized 55,273,469 shares of the stock of Robinhood Markets Inc. and $20,746,713.67 in United States currency (together, the \u201cSeized Assets\u201d) from an account at ED&F Man Capital Markets Inc. pursuant to judicially authorized seizure warrants issued in the Southern District of New York<\/em>,\" states the DOJ.<\/li>\n<\/ul>\n\n\n\n
\n
In this Chapter 11 case, it is noted that the debtors are BlockFi Inc.<\/li>\n<\/ul>\n\n\n\n
\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\nSee Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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FTX’s Former CEO Sam Bankman-Fried To Skip Second Trial

January 4, 2024

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Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

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November 24, 2024

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Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Also in the document submitted by the US Attorney Damian Williams is $20.7 million held at ED&F Man Capital Markets and an estimated $50 million at Farmington State Bank. There is also an amount worth $5 million at Silvergate Bank under FTX Digital Markets. <\/p>\n\n\n\n
Part Of The Assets Seized Are Cryptos Held With The Binance Exchange<\/h2>\n\n\n\n
The filing has also listed unspecified amounts in rival crypto exchange Binance and its subsidiary Binance US. Before the event leading to the FTX collapse, Binance had disclosed a rescue plan to help the bankrupt business, which never came through. <\/p>\n\n\n\n
See Related: <\/strong><\/em>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n
The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9289,"post_author":"12","post_date":"2023-01-10 02:17:51","post_date_gmt":"2023-01-09 15:17:51","post_content":"\n
In a Notice of Asset Seizures released<\/a> by the United States Department of Justice, over 55M Robinhood shares were linked to Sam Bankman-Fried and FTX co-founder Gary Wang.<\/p>\n\n\n\n
\n
\"The United States has seized 55,273,469 shares of the stock of Robinhood Markets Inc. and $20,746,713.67 in United States currency (together, the \u201cSeized Assets\u201d) from an account at ED&F Man Capital Markets Inc. pursuant to judicially authorized seizure warrants issued in the Southern District of New York<\/em>,\" states the DOJ.<\/li>\n<\/ul>\n\n\n\n
\n
In this Chapter 11 case, it is noted that the debtors are BlockFi Inc.<\/li>\n<\/ul>\n\n\n\n
\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\nSee Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Also in the document submitted by the US Attorney Damian Williams is $20.7 million held at ED&F Man Capital Markets and an estimated $50 million at Farmington State Bank. There is also an amount worth $5 million at Silvergate Bank under FTX Digital Markets. <\/p>\n\n\n\n
Part Of The Assets Seized Are Cryptos Held With The Binance Exchange<\/h2>\n\n\n\n
The filing has also listed unspecified amounts in rival crypto exchange Binance and its subsidiary Binance US. Before the event leading to the FTX collapse, Binance had disclosed a rescue plan to help the bankrupt business, which never came through. <\/p>\n\n\n\n
See Related: <\/strong><\/em>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n
The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9289,"post_author":"12","post_date":"2023-01-10 02:17:51","post_date_gmt":"2023-01-09 15:17:51","post_content":"\n
In a Notice of Asset Seizures released<\/a> by the United States Department of Justice, over 55M Robinhood shares were linked to Sam Bankman-Fried and FTX co-founder Gary Wang.<\/p>\n\n\n\n
\n
\"The United States has seized 55,273,469 shares of the stock of Robinhood Markets Inc. and $20,746,713.67 in United States currency (together, the \u201cSeized Assets\u201d) from an account at ED&F Man Capital Markets Inc. pursuant to judicially authorized seizure warrants issued in the Southern District of New York<\/em>,\" states the DOJ.<\/li>\n<\/ul>\n\n\n\n
\n
In this Chapter 11 case, it is noted that the debtors are BlockFi Inc.<\/li>\n<\/ul>\n\n\n\n
\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\nSee Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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FTX’s Former CEO Sam Bankman-Fried To Skip Second Trial

January 4, 2024

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Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

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November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Mainly, 55,273,469 shares in Robinhood worth about $526 million, allegedly bought by SBF with stolen funds, make up the bulk of the seized funds. The shares - acquired through Emergent Fidelity Technologies, a shell company created by SBF and his business partner Gary Wang \u2013 were recently at the centre of a tussle between Bankman-Fried, FTX Group, and BlockFi.  <\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Also in the document submitted by the US Attorney Damian Williams is $20.7 million held at ED&F Man Capital Markets and an estimated $50 million at Farmington State Bank. There is also an amount worth $5 million at Silvergate Bank under FTX Digital Markets. <\/p>\n\n\n\n
Part Of The Assets Seized Are Cryptos Held With The Binance Exchange<\/h2>\n\n\n\n
The filing has also listed unspecified amounts in rival crypto exchange Binance and its subsidiary Binance US. Before the event leading to the FTX collapse, Binance had disclosed a rescue plan to help the bankrupt business, which never came through. <\/p>\n\n\n\n
See Related: <\/strong><\/em>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n
The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9289,"post_author":"12","post_date":"2023-01-10 02:17:51","post_date_gmt":"2023-01-09 15:17:51","post_content":"\n
In a Notice of Asset Seizures released<\/a> by the United States Department of Justice, over 55M Robinhood shares were linked to Sam Bankman-Fried and FTX co-founder Gary Wang.<\/p>\n\n\n\n
\n
\"The United States has seized 55,273,469 shares of the stock of Robinhood Markets Inc. and $20,746,713.67 in United States currency (together, the \u201cSeized Assets\u201d) from an account at ED&F Man Capital Markets Inc. pursuant to judicially authorized seizure warrants issued in the Southern District of New York<\/em>,\" states the DOJ.<\/li>\n<\/ul>\n\n\n\n
\n
In this Chapter 11 case, it is noted that the debtors are BlockFi Inc.<\/li>\n<\/ul>\n\n\n\n
\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\nSee Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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November 24, 2024

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By subscribing, you agree with our privacy and terms.

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Follow The Distributed

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\n
The US District Court Southern District of New York published<\/a> a list of assets Friday linked to the former CEO and co-founder of FTX Sam Bankman Fried that have been earmarked for forfeiture, including shares, bank account balances, and cryptocurrencies held in other exchanges. <\/p>\n\n\n\n
Mainly, 55,273,469 shares in Robinhood worth about $526 million, allegedly bought by SBF with stolen funds, make up the bulk of the seized funds. The shares - acquired through Emergent Fidelity Technologies, a shell company created by SBF and his business partner Gary Wang \u2013 were recently at the centre of a tussle between Bankman-Fried, FTX Group, and BlockFi.  <\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Also in the document submitted by the US Attorney Damian Williams is $20.7 million held at ED&F Man Capital Markets and an estimated $50 million at Farmington State Bank. There is also an amount worth $5 million at Silvergate Bank under FTX Digital Markets. <\/p>\n\n\n\n
Part Of The Assets Seized Are Cryptos Held With The Binance Exchange<\/h2>\n\n\n\n
The filing has also listed unspecified amounts in rival crypto exchange Binance and its subsidiary Binance US. Before the event leading to the FTX collapse, Binance had disclosed a rescue plan to help the bankrupt business, which never came through. <\/p>\n\n\n\n
See Related: <\/strong><\/em>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n
The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9289,"post_author":"12","post_date":"2023-01-10 02:17:51","post_date_gmt":"2023-01-09 15:17:51","post_content":"\n
In a Notice of Asset Seizures released<\/a> by the United States Department of Justice, over 55M Robinhood shares were linked to Sam Bankman-Fried and FTX co-founder Gary Wang.<\/p>\n\n\n\n
\n
\"The United States has seized 55,273,469 shares of the stock of Robinhood Markets Inc. and $20,746,713.67 in United States currency (together, the \u201cSeized Assets\u201d) from an account at ED&F Man Capital Markets Inc. pursuant to judicially authorized seizure warrants issued in the Southern District of New York<\/em>,\" states the DOJ.<\/li>\n<\/ul>\n\n\n\n
\n
In this Chapter 11 case, it is noted that the debtors are BlockFi Inc.<\/li>\n<\/ul>\n\n\n\n
\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\nSee Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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FTX’s Former CEO Sam Bankman-Fried To Skip Second Trial

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November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Also listed are unspecified amounts in rival exchange Binance. <\/li>\n<\/ul>\n\n\n\n
The US District Court Southern District of New York published<\/a> a list of assets Friday linked to the former CEO and co-founder of FTX Sam Bankman Fried that have been earmarked for forfeiture, including shares, bank account balances, and cryptocurrencies held in other exchanges. <\/p>\n\n\n\n
Mainly, 55,273,469 shares in Robinhood worth about $526 million, allegedly bought by SBF with stolen funds, make up the bulk of the seized funds. The shares - acquired through Emergent Fidelity Technologies, a shell company created by SBF and his business partner Gary Wang \u2013 were recently at the centre of a tussle between Bankman-Fried, FTX Group, and BlockFi.  <\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Also in the document submitted by the US Attorney Damian Williams is $20.7 million held at ED&F Man Capital Markets and an estimated $50 million at Farmington State Bank. There is also an amount worth $5 million at Silvergate Bank under FTX Digital Markets. <\/p>\n\n\n\n
Part Of The Assets Seized Are Cryptos Held With The Binance Exchange<\/h2>\n\n\n\n
The filing has also listed unspecified amounts in rival crypto exchange Binance and its subsidiary Binance US. Before the event leading to the FTX collapse, Binance had disclosed a rescue plan to help the bankrupt business, which never came through. <\/p>\n\n\n\n
See Related: <\/strong><\/em>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n
The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9289,"post_author":"12","post_date":"2023-01-10 02:17:51","post_date_gmt":"2023-01-09 15:17:51","post_content":"\n
In a Notice of Asset Seizures released<\/a> by the United States Department of Justice, over 55M Robinhood shares were linked to Sam Bankman-Fried and FTX co-founder Gary Wang.<\/p>\n\n\n\n
\n
\"The United States has seized 55,273,469 shares of the stock of Robinhood Markets Inc. and $20,746,713.67 in United States currency (together, the \u201cSeized Assets\u201d) from an account at ED&F Man Capital Markets Inc. pursuant to judicially authorized seizure warrants issued in the Southern District of New York<\/em>,\" states the DOJ.<\/li>\n<\/ul>\n\n\n\n
\n
In this Chapter 11 case, it is noted that the debtors are BlockFi Inc.<\/li>\n<\/ul>\n\n\n\n
\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\nSee Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Cryptocurrencies

FTX’s Former CEO Sam Bankman-Fried To Skip Second Trial

January 4, 2024

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Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

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Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
A bulk of the assets are shares held with Robinhood Markets.<\/li>\n\n\n\n
Also listed are unspecified amounts in rival exchange Binance. <\/li>\n<\/ul>\n\n\n\n
The US District Court Southern District of New York published<\/a> a list of assets Friday linked to the former CEO and co-founder of FTX Sam Bankman Fried that have been earmarked for forfeiture, including shares, bank account balances, and cryptocurrencies held in other exchanges. <\/p>\n\n\n\n
Mainly, 55,273,469 shares in Robinhood worth about $526 million, allegedly bought by SBF with stolen funds, make up the bulk of the seized funds. The shares - acquired through Emergent Fidelity Technologies, a shell company created by SBF and his business partner Gary Wang \u2013 were recently at the centre of a tussle between Bankman-Fried, FTX Group, and BlockFi.  <\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Also in the document submitted by the US Attorney Damian Williams is $20.7 million held at ED&F Man Capital Markets and an estimated $50 million at Farmington State Bank. There is also an amount worth $5 million at Silvergate Bank under FTX Digital Markets. <\/p>\n\n\n\n
Part Of The Assets Seized Are Cryptos Held With The Binance Exchange<\/h2>\n\n\n\n
The filing has also listed unspecified amounts in rival crypto exchange Binance and its subsidiary Binance US. Before the event leading to the FTX collapse, Binance had disclosed a rescue plan to help the bankrupt business, which never came through. <\/p>\n\n\n\n
See Related: <\/strong><\/em>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n
The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9289,"post_author":"12","post_date":"2023-01-10 02:17:51","post_date_gmt":"2023-01-09 15:17:51","post_content":"\n
In a Notice of Asset Seizures released<\/a> by the United States Department of Justice, over 55M Robinhood shares were linked to Sam Bankman-Fried and FTX co-founder Gary Wang.<\/p>\n\n\n\n
\n
\"The United States has seized 55,273,469 shares of the stock of Robinhood Markets Inc. and $20,746,713.67 in United States currency (together, the \u201cSeized Assets\u201d) from an account at ED&F Man Capital Markets Inc. pursuant to judicially authorized seizure warrants issued in the Southern District of New York<\/em>,\" states the DOJ.<\/li>\n<\/ul>\n\n\n\n
\n
In this Chapter 11 case, it is noted that the debtors are BlockFi Inc.<\/li>\n<\/ul>\n\n\n\n
\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\nSee Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
\n
A bulk of the assets are shares held with Robinhood Markets.<\/li>\n\n\n\n
Also listed are unspecified amounts in rival exchange Binance. <\/li>\n<\/ul>\n\n\n\n
The US District Court Southern District of New York published<\/a> a list of assets Friday linked to the former CEO and co-founder of FTX Sam Bankman Fried that have been earmarked for forfeiture, including shares, bank account balances, and cryptocurrencies held in other exchanges. <\/p>\n\n\n\n
Mainly, 55,273,469 shares in Robinhood worth about $526 million, allegedly bought by SBF with stolen funds, make up the bulk of the seized funds. The shares - acquired through Emergent Fidelity Technologies, a shell company created by SBF and his business partner Gary Wang \u2013 were recently at the centre of a tussle between Bankman-Fried, FTX Group, and BlockFi.  <\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Also in the document submitted by the US Attorney Damian Williams is $20.7 million held at ED&F Man Capital Markets and an estimated $50 million at Farmington State Bank. There is also an amount worth $5 million at Silvergate Bank under FTX Digital Markets. <\/p>\n\n\n\n
Part Of The Assets Seized Are Cryptos Held With The Binance Exchange<\/h2>\n\n\n\n
The filing has also listed unspecified amounts in rival crypto exchange Binance and its subsidiary Binance US. Before the event leading to the FTX collapse, Binance had disclosed a rescue plan to help the bankrupt business, which never came through. <\/p>\n\n\n\n
See Related: <\/strong><\/em>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n
The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9289,"post_author":"12","post_date":"2023-01-10 02:17:51","post_date_gmt":"2023-01-09 15:17:51","post_content":"\n
In a Notice of Asset Seizures released<\/a> by the United States Department of Justice, over 55M Robinhood shares were linked to Sam Bankman-Fried and FTX co-founder Gary Wang.<\/p>\n\n\n\n
\n
\"The United States has seized 55,273,469 shares of the stock of Robinhood Markets Inc. and $20,746,713.67 in United States currency (together, the \u201cSeized Assets\u201d) from an account at ED&F Man Capital Markets Inc. pursuant to judicially authorized seizure warrants issued in the Southern District of New York<\/em>,\" states the DOJ.<\/li>\n<\/ul>\n\n\n\n
\n
In this Chapter 11 case, it is noted that the debtors are BlockFi Inc.<\/li>\n<\/ul>\n\n\n\n
\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\nSee Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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November 24, 2024

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By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

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ADVERTISEMENT

\n
Quick Facts<\/h3>\n\n\n\n
\n
A bulk of the assets are shares held with Robinhood Markets.<\/li>\n\n\n\n
Also listed are unspecified amounts in rival exchange Binance. <\/li>\n<\/ul>\n\n\n\n
The US District Court Southern District of New York published<\/a> a list of assets Friday linked to the former CEO and co-founder of FTX Sam Bankman Fried that have been earmarked for forfeiture, including shares, bank account balances, and cryptocurrencies held in other exchanges. <\/p>\n\n\n\n
Mainly, 55,273,469 shares in Robinhood worth about $526 million, allegedly bought by SBF with stolen funds, make up the bulk of the seized funds. The shares - acquired through Emergent Fidelity Technologies, a shell company created by SBF and his business partner Gary Wang \u2013 were recently at the centre of a tussle between Bankman-Fried, FTX Group, and BlockFi.  <\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Also in the document submitted by the US Attorney Damian Williams is $20.7 million held at ED&F Man Capital Markets and an estimated $50 million at Farmington State Bank. There is also an amount worth $5 million at Silvergate Bank under FTX Digital Markets. <\/p>\n\n\n\n
Part Of The Assets Seized Are Cryptos Held With The Binance Exchange<\/h2>\n\n\n\n
The filing has also listed unspecified amounts in rival crypto exchange Binance and its subsidiary Binance US. Before the event leading to the FTX collapse, Binance had disclosed a rescue plan to help the bankrupt business, which never came through. <\/p>\n\n\n\n
See Related: <\/strong><\/em>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n
The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9289,"post_author":"12","post_date":"2023-01-10 02:17:51","post_date_gmt":"2023-01-09 15:17:51","post_content":"\n
In a Notice of Asset Seizures released<\/a> by the United States Department of Justice, over 55M Robinhood shares were linked to Sam Bankman-Fried and FTX co-founder Gary Wang.<\/p>\n\n\n\n
\n
\"The United States has seized 55,273,469 shares of the stock of Robinhood Markets Inc. and $20,746,713.67 in United States currency (together, the \u201cSeized Assets\u201d) from an account at ED&F Man Capital Markets Inc. pursuant to judicially authorized seizure warrants issued in the Southern District of New York<\/em>,\" states the DOJ.<\/li>\n<\/ul>\n\n\n\n
\n
In this Chapter 11 case, it is noted that the debtors are BlockFi Inc.<\/li>\n<\/ul>\n\n\n\n
\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\nSee Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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FTX’s Former CEO Sam Bankman-Fried To Skip Second Trial

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\n
See Related: <\/em><\/strong>Crypto-Friendly Bank Silvergate Faces Probe For Dealings With Bankrupt FTX<\/a><\/p>\n","post_title":"FTX\u2019s Former Executives Subpoenaed By Voyager Creditors To Explain Failed Bailout Attempts","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-former-executives-subpoenaed-by-voyager-creditors-to-explain-failed-bailout-attempts","to_ping":"","pinged":"","post_modified":"2023-02-21 12:53:19","post_modified_gmt":"2023-02-21 01:53:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9998","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9513,"post_author":"13","post_date":"2023-01-22 01:37:54","post_date_gmt":"2023-01-21 14:37:54","post_content":"\n
Quick Facts<\/h3>\n\n\n\n
\n
A bulk of the assets are shares held with Robinhood Markets.<\/li>\n\n\n\n
Also listed are unspecified amounts in rival exchange Binance. <\/li>\n<\/ul>\n\n\n\n
The US District Court Southern District of New York published<\/a> a list of assets Friday linked to the former CEO and co-founder of FTX Sam Bankman Fried that have been earmarked for forfeiture, including shares, bank account balances, and cryptocurrencies held in other exchanges. <\/p>\n\n\n\n
Mainly, 55,273,469 shares in Robinhood worth about $526 million, allegedly bought by SBF with stolen funds, make up the bulk of the seized funds. The shares - acquired through Emergent Fidelity Technologies, a shell company created by SBF and his business partner Gary Wang \u2013 were recently at the centre of a tussle between Bankman-Fried, FTX Group, and BlockFi.  <\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Also in the document submitted by the US Attorney Damian Williams is $20.7 million held at ED&F Man Capital Markets and an estimated $50 million at Farmington State Bank. There is also an amount worth $5 million at Silvergate Bank under FTX Digital Markets. <\/p>\n\n\n\n
Part Of The Assets Seized Are Cryptos Held With The Binance Exchange<\/h2>\n\n\n\n
The filing has also listed unspecified amounts in rival crypto exchange Binance and its subsidiary Binance US. Before the event leading to the FTX collapse, Binance had disclosed a rescue plan to help the bankrupt business, which never came through. <\/p>\n\n\n\n
See Related: <\/strong><\/em>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n
The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9289,"post_author":"12","post_date":"2023-01-10 02:17:51","post_date_gmt":"2023-01-09 15:17:51","post_content":"\n
In a Notice of Asset Seizures released<\/a> by the United States Department of Justice, over 55M Robinhood shares were linked to Sam Bankman-Fried and FTX co-founder Gary Wang.<\/p>\n\n\n\n
\n
\"The United States has seized 55,273,469 shares of the stock of Robinhood Markets Inc. and $20,746,713.67 in United States currency (together, the \u201cSeized Assets\u201d) from an account at ED&F Man Capital Markets Inc. pursuant to judicially authorized seizure warrants issued in the Southern District of New York<\/em>,\" states the DOJ.<\/li>\n<\/ul>\n\n\n\n
\n
In this Chapter 11 case, it is noted that the debtors are BlockFi Inc.<\/li>\n<\/ul>\n\n\n\n
\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\nSee Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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FTX’s Former CEO Sam Bankman-Fried To Skip Second Trial

January 4, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

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Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

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Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

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Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Noteworthy, Alameda Research, FTX\u2019s sister company, sued Voyager Digital last month, seeking to recover more than $400 million in payments made to the lender. FTX paid $442.7 million to Voyager \u2013 the amount it seeks to recover \u2013 on grounds that the payment was close to FTX\u2019s bankruptcy filing. The multiple investigations come amid a warning by bankruptcy Judge Lewis Kaplan that Bankman-Fried\u2019s bail could be revoked for witness tampering.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Crypto-Friendly Bank Silvergate Faces Probe For Dealings With Bankrupt FTX<\/a><\/p>\n","post_title":"FTX\u2019s Former Executives Subpoenaed By Voyager Creditors To Explain Failed Bailout Attempts","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-former-executives-subpoenaed-by-voyager-creditors-to-explain-failed-bailout-attempts","to_ping":"","pinged":"","post_modified":"2023-02-21 12:53:19","post_modified_gmt":"2023-02-21 01:53:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9998","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9513,"post_author":"13","post_date":"2023-01-22 01:37:54","post_date_gmt":"2023-01-21 14:37:54","post_content":"\n
Quick Facts<\/h3>\n\n\n\n
\n
A bulk of the assets are shares held with Robinhood Markets.<\/li>\n\n\n\n
Also listed are unspecified amounts in rival exchange Binance. <\/li>\n<\/ul>\n\n\n\n
The US District Court Southern District of New York published<\/a> a list of assets Friday linked to the former CEO and co-founder of FTX Sam Bankman Fried that have been earmarked for forfeiture, including shares, bank account balances, and cryptocurrencies held in other exchanges. <\/p>\n\n\n\n
Mainly, 55,273,469 shares in Robinhood worth about $526 million, allegedly bought by SBF with stolen funds, make up the bulk of the seized funds. The shares - acquired through Emergent Fidelity Technologies, a shell company created by SBF and his business partner Gary Wang \u2013 were recently at the centre of a tussle between Bankman-Fried, FTX Group, and BlockFi.  <\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Also in the document submitted by the US Attorney Damian Williams is $20.7 million held at ED&F Man Capital Markets and an estimated $50 million at Farmington State Bank. There is also an amount worth $5 million at Silvergate Bank under FTX Digital Markets. <\/p>\n\n\n\n
Part Of The Assets Seized Are Cryptos Held With The Binance Exchange<\/h2>\n\n\n\n
The filing has also listed unspecified amounts in rival crypto exchange Binance and its subsidiary Binance US. Before the event leading to the FTX collapse, Binance had disclosed a rescue plan to help the bankrupt business, which never came through. <\/p>\n\n\n\n
See Related: <\/strong><\/em>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n
The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9289,"post_author":"12","post_date":"2023-01-10 02:17:51","post_date_gmt":"2023-01-09 15:17:51","post_content":"\n
In a Notice of Asset Seizures released<\/a> by the United States Department of Justice, over 55M Robinhood shares were linked to Sam Bankman-Fried and FTX co-founder Gary Wang.<\/p>\n\n\n\n
\n
\"The United States has seized 55,273,469 shares of the stock of Robinhood Markets Inc. and $20,746,713.67 in United States currency (together, the \u201cSeized Assets\u201d) from an account at ED&F Man Capital Markets Inc. pursuant to judicially authorized seizure warrants issued in the Southern District of New York<\/em>,\" states the DOJ.<\/li>\n<\/ul>\n\n\n\n
\n
In this Chapter 11 case, it is noted that the debtors are BlockFi Inc.<\/li>\n<\/ul>\n\n\n\n
\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\nSee Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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FTX’s Former CEO Sam Bankman-Fried To Skip Second Trial

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Follow The Distributed

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\n
Besides, the summons,\u00a0filed<\/a>\u00a0before the US Bankruptcy Court Southern District of New York, have compelled the executives to produce documents and all the relevant information about the loan agreements between Alameda Ventures and Voyager.<\/p>\n\n\n\n
Noteworthy, Alameda Research, FTX\u2019s sister company, sued Voyager Digital last month, seeking to recover more than $400 million in payments made to the lender. FTX paid $442.7 million to Voyager \u2013 the amount it seeks to recover \u2013 on grounds that the payment was close to FTX\u2019s bankruptcy filing. The multiple investigations come amid a warning by bankruptcy Judge Lewis Kaplan that Bankman-Fried\u2019s bail could be revoked for witness tampering.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Crypto-Friendly Bank Silvergate Faces Probe For Dealings With Bankrupt FTX<\/a><\/p>\n","post_title":"FTX\u2019s Former Executives Subpoenaed By Voyager Creditors To Explain Failed Bailout Attempts","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-former-executives-subpoenaed-by-voyager-creditors-to-explain-failed-bailout-attempts","to_ping":"","pinged":"","post_modified":"2023-02-21 12:53:19","post_modified_gmt":"2023-02-21 01:53:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9998","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9513,"post_author":"13","post_date":"2023-01-22 01:37:54","post_date_gmt":"2023-01-21 14:37:54","post_content":"\n
Quick Facts<\/h3>\n\n\n\n
\n
A bulk of the assets are shares held with Robinhood Markets.<\/li>\n\n\n\n
Also listed are unspecified amounts in rival exchange Binance. <\/li>\n<\/ul>\n\n\n\n
The US District Court Southern District of New York published<\/a> a list of assets Friday linked to the former CEO and co-founder of FTX Sam Bankman Fried that have been earmarked for forfeiture, including shares, bank account balances, and cryptocurrencies held in other exchanges. <\/p>\n\n\n\n
Mainly, 55,273,469 shares in Robinhood worth about $526 million, allegedly bought by SBF with stolen funds, make up the bulk of the seized funds. The shares - acquired through Emergent Fidelity Technologies, a shell company created by SBF and his business partner Gary Wang \u2013 were recently at the centre of a tussle between Bankman-Fried, FTX Group, and BlockFi.  <\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Also in the document submitted by the US Attorney Damian Williams is $20.7 million held at ED&F Man Capital Markets and an estimated $50 million at Farmington State Bank. There is also an amount worth $5 million at Silvergate Bank under FTX Digital Markets. <\/p>\n\n\n\n
Part Of The Assets Seized Are Cryptos Held With The Binance Exchange<\/h2>\n\n\n\n
The filing has also listed unspecified amounts in rival crypto exchange Binance and its subsidiary Binance US. Before the event leading to the FTX collapse, Binance had disclosed a rescue plan to help the bankrupt business, which never came through. <\/p>\n\n\n\n
See Related: <\/strong><\/em>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n
The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9289,"post_author":"12","post_date":"2023-01-10 02:17:51","post_date_gmt":"2023-01-09 15:17:51","post_content":"\n
In a Notice of Asset Seizures released<\/a> by the United States Department of Justice, over 55M Robinhood shares were linked to Sam Bankman-Fried and FTX co-founder Gary Wang.<\/p>\n\n\n\n
\n
\"The United States has seized 55,273,469 shares of the stock of Robinhood Markets Inc. and $20,746,713.67 in United States currency (together, the \u201cSeized Assets\u201d) from an account at ED&F Man Capital Markets Inc. pursuant to judicially authorized seizure warrants issued in the Southern District of New York<\/em>,\" states the DOJ.<\/li>\n<\/ul>\n\n\n\n
\n
In this Chapter 11 case, it is noted that the debtors are BlockFi Inc.<\/li>\n<\/ul>\n\n\n\n
\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\nSee Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Cryptocurrencies

FTX’s Former CEO Sam Bankman-Fried To Skip Second Trial

January 4, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

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Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

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Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

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Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
SBF And His Former Executives To Submit Relevant Documents Before February 20th<\/h2>\n\n\n\n
Besides, the summons,\u00a0filed<\/a>\u00a0before the US Bankruptcy Court Southern District of New York, have compelled the executives to produce documents and all the relevant information about the loan agreements between Alameda Ventures and Voyager.<\/p>\n\n\n\n
Noteworthy, Alameda Research, FTX\u2019s sister company, sued Voyager Digital last month, seeking to recover more than $400 million in payments made to the lender. FTX paid $442.7 million to Voyager \u2013 the amount it seeks to recover \u2013 on grounds that the payment was close to FTX\u2019s bankruptcy filing. The multiple investigations come amid a warning by bankruptcy Judge Lewis Kaplan that Bankman-Fried\u2019s bail could be revoked for witness tampering.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Crypto-Friendly Bank Silvergate Faces Probe For Dealings With Bankrupt FTX<\/a><\/p>\n","post_title":"FTX\u2019s Former Executives Subpoenaed By Voyager Creditors To Explain Failed Bailout Attempts","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-former-executives-subpoenaed-by-voyager-creditors-to-explain-failed-bailout-attempts","to_ping":"","pinged":"","post_modified":"2023-02-21 12:53:19","post_modified_gmt":"2023-02-21 01:53:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9998","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9513,"post_author":"13","post_date":"2023-01-22 01:37:54","post_date_gmt":"2023-01-21 14:37:54","post_content":"\n
Quick Facts<\/h3>\n\n\n\n
\n
A bulk of the assets are shares held with Robinhood Markets.<\/li>\n\n\n\n
Also listed are unspecified amounts in rival exchange Binance. <\/li>\n<\/ul>\n\n\n\n
The US District Court Southern District of New York published<\/a> a list of assets Friday linked to the former CEO and co-founder of FTX Sam Bankman Fried that have been earmarked for forfeiture, including shares, bank account balances, and cryptocurrencies held in other exchanges. <\/p>\n\n\n\n
Mainly, 55,273,469 shares in Robinhood worth about $526 million, allegedly bought by SBF with stolen funds, make up the bulk of the seized funds. The shares - acquired through Emergent Fidelity Technologies, a shell company created by SBF and his business partner Gary Wang \u2013 were recently at the centre of a tussle between Bankman-Fried, FTX Group, and BlockFi.  <\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Also in the document submitted by the US Attorney Damian Williams is $20.7 million held at ED&F Man Capital Markets and an estimated $50 million at Farmington State Bank. There is also an amount worth $5 million at Silvergate Bank under FTX Digital Markets. <\/p>\n\n\n\n
Part Of The Assets Seized Are Cryptos Held With The Binance Exchange<\/h2>\n\n\n\n
The filing has also listed unspecified amounts in rival crypto exchange Binance and its subsidiary Binance US. Before the event leading to the FTX collapse, Binance had disclosed a rescue plan to help the bankrupt business, which never came through. <\/p>\n\n\n\n
See Related: <\/strong><\/em>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n
The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9289,"post_author":"12","post_date":"2023-01-10 02:17:51","post_date_gmt":"2023-01-09 15:17:51","post_content":"\n
In a Notice of Asset Seizures released<\/a> by the United States Department of Justice, over 55M Robinhood shares were linked to Sam Bankman-Fried and FTX co-founder Gary Wang.<\/p>\n\n\n\n
\n
\"The United States has seized 55,273,469 shares of the stock of Robinhood Markets Inc. and $20,746,713.67 in United States currency (together, the \u201cSeized Assets\u201d) from an account at ED&F Man Capital Markets Inc. pursuant to judicially authorized seizure warrants issued in the Southern District of New York<\/em>,\" states the DOJ.<\/li>\n<\/ul>\n\n\n\n
\n
In this Chapter 11 case, it is noted that the debtors are BlockFi Inc.<\/li>\n<\/ul>\n\n\n\n
\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\nSee Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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FTX’s Former CEO Sam Bankman-Fried To Skip Second Trial

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November 24, 2024

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\n
See Related:<\/strong><\/em> FTX Orders Beneficiaries of Its Political Donations to Return Money \u2013 Estimated at $93 million<\/a><\/p>\n\n\n\n
SBF And His Former Executives To Submit Relevant Documents Before February 20th<\/h2>\n\n\n\n
Besides, the summons,\u00a0 filed<\/a>\u00a0before the US Bankruptcy Court Southern District of New York, have compelled the executives to produce documents and all the relevant information about the loan agreements between Alameda Ventures and Voyager.<\/p>\n\n\n\n
Noteworthy, Alameda Research, FTX\u2019s sister company, sued Voyager Digital last month, seeking to recover more than $400 million in payments made to the lender. FTX paid $442.7 million to Voyager \u2013 the amount it seeks to recover \u2013 on grounds that the payment was close to FTX\u2019s bankruptcy filing. The multiple investigations come amid a warning by bankruptcy Judge Lewis Kaplan that Bankman-Fried\u2019s bail could be revoked for witness tampering.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Crypto-Friendly Bank Silvergate Faces Probe For Dealings With Bankrupt FTX<\/a><\/p>\n","post_title":"FTX\u2019s Former Executives Subpoenaed By Voyager Creditors To Explain Failed Bailout Attempts","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-former-executives-subpoenaed-by-voyager-creditors-to-explain-failed-bailout-attempts","to_ping":"","pinged":"","post_modified":"2023-02-21 12:53:19","post_modified_gmt":"2023-02-21 01:53:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9998","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9513,"post_author":"13","post_date":"2023-01-22 01:37:54","post_date_gmt":"2023-01-21 14:37:54","post_content":"\n
Quick Facts<\/h3>\n\n\n\n
\n
A bulk of the assets are shares held with Robinhood Markets.<\/li>\n\n\n\n
Also listed are unspecified amounts in rival exchange Binance. <\/li>\n<\/ul>\n\n\n\n
The US District Court Southern District of New York published<\/a> a list of assets Friday linked to the former CEO and co-founder of FTX Sam Bankman Fried that have been earmarked for forfeiture, including shares, bank account balances, and cryptocurrencies held in other exchanges. <\/p>\n\n\n\n
Mainly, 55,273,469 shares in Robinhood worth about $526 million, allegedly bought by SBF with stolen funds, make up the bulk of the seized funds. The shares - acquired through Emergent Fidelity Technologies, a shell company created by SBF and his business partner Gary Wang \u2013 were recently at the centre of a tussle between Bankman-Fried, FTX Group, and BlockFi.  <\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Also in the document submitted by the US Attorney Damian Williams is $20.7 million held at ED&F Man Capital Markets and an estimated $50 million at Farmington State Bank. There is also an amount worth $5 million at Silvergate Bank under FTX Digital Markets. <\/p>\n\n\n\n
Part Of The Assets Seized Are Cryptos Held With The Binance Exchange<\/h2>\n\n\n\n
The filing has also listed unspecified amounts in rival crypto exchange Binance and its subsidiary Binance US. Before the event leading to the FTX collapse, Binance had disclosed a rescue plan to help the bankrupt business, which never came through. <\/p>\n\n\n\n
See Related: <\/strong><\/em>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n
The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9289,"post_author":"12","post_date":"2023-01-10 02:17:51","post_date_gmt":"2023-01-09 15:17:51","post_content":"\n
In a Notice of Asset Seizures released<\/a> by the United States Department of Justice, over 55M Robinhood shares were linked to Sam Bankman-Fried and FTX co-founder Gary Wang.<\/p>\n\n\n\n
\n
\"The United States has seized 55,273,469 shares of the stock of Robinhood Markets Inc. and $20,746,713.67 in United States currency (together, the \u201cSeized Assets\u201d) from an account at ED&F Man Capital Markets Inc. pursuant to judicially authorized seizure warrants issued in the Southern District of New York<\/em>,\" states the DOJ.<\/li>\n<\/ul>\n\n\n\n
\n
In this Chapter 11 case, it is noted that the debtors are BlockFi Inc.<\/li>\n<\/ul>\n\n\n\n
\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\nSee Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Cryptocurrencies

FTX’s Former CEO Sam Bankman-Fried To Skip Second Trial

January 4, 2024

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Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

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November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
In light of the same, the individuals mentioned above must appear for a remote disposition on February 23, according to a court filing. The same creditors reportedly served similar summons to Bankman-Fried, Ellison, Wang, and FTX\u2019s head of product Ramnic Arora on February 6.<\/p>\n\n\n\n
See Related:<\/strong><\/em> FTX Orders Beneficiaries of Its Political Donations to Return Money \u2013 Estimated at $93 million<\/a><\/p>\n\n\n\n
SBF And His Former Executives To Submit Relevant Documents Before February 20th<\/h2>\n\n\n\n
Besides, the summons,\u00a0 filed<\/a>\u00a0before the US Bankruptcy Court Southern District of New York, have compelled the executives to produce documents and all the relevant information about the loan agreements between Alameda Ventures and Voyager.<\/p>\n\n\n\n
Noteworthy, Alameda Research, FTX\u2019s sister company, sued Voyager Digital last month, seeking to recover more than $400 million in payments made to the lender. FTX paid $442.7 million to Voyager \u2013 the amount it seeks to recover \u2013 on grounds that the payment was close to FTX\u2019s bankruptcy filing. The multiple investigations come amid a warning by bankruptcy Judge Lewis Kaplan that Bankman-Fried\u2019s bail could be revoked for witness tampering.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Crypto-Friendly Bank Silvergate Faces Probe For Dealings With Bankrupt FTX<\/a><\/p>\n","post_title":"FTX\u2019s Former Executives Subpoenaed By Voyager Creditors To Explain Failed Bailout Attempts","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-former-executives-subpoenaed-by-voyager-creditors-to-explain-failed-bailout-attempts","to_ping":"","pinged":"","post_modified":"2023-02-21 12:53:19","post_modified_gmt":"2023-02-21 01:53:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9998","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9513,"post_author":"13","post_date":"2023-01-22 01:37:54","post_date_gmt":"2023-01-21 14:37:54","post_content":"\n
Quick Facts<\/h3>\n\n\n\n
\n
A bulk of the assets are shares held with Robinhood Markets.<\/li>\n\n\n\n
Also listed are unspecified amounts in rival exchange Binance. <\/li>\n<\/ul>\n\n\n\n
The US District Court Southern District of New York published<\/a> a list of assets Friday linked to the former CEO and co-founder of FTX Sam Bankman Fried that have been earmarked for forfeiture, including shares, bank account balances, and cryptocurrencies held in other exchanges. <\/p>\n\n\n\n
Mainly, 55,273,469 shares in Robinhood worth about $526 million, allegedly bought by SBF with stolen funds, make up the bulk of the seized funds. The shares - acquired through Emergent Fidelity Technologies, a shell company created by SBF and his business partner Gary Wang \u2013 were recently at the centre of a tussle between Bankman-Fried, FTX Group, and BlockFi.  <\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Also in the document submitted by the US Attorney Damian Williams is $20.7 million held at ED&F Man Capital Markets and an estimated $50 million at Farmington State Bank. There is also an amount worth $5 million at Silvergate Bank under FTX Digital Markets. <\/p>\n\n\n\n
Part Of The Assets Seized Are Cryptos Held With The Binance Exchange<\/h2>\n\n\n\n
The filing has also listed unspecified amounts in rival crypto exchange Binance and its subsidiary Binance US. Before the event leading to the FTX collapse, Binance had disclosed a rescue plan to help the bankrupt business, which never came through. <\/p>\n\n\n\n
See Related: <\/strong><\/em>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n
The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9289,"post_author":"12","post_date":"2023-01-10 02:17:51","post_date_gmt":"2023-01-09 15:17:51","post_content":"\n
In a Notice of Asset Seizures released<\/a> by the United States Department of Justice, over 55M Robinhood shares were linked to Sam Bankman-Fried and FTX co-founder Gary Wang.<\/p>\n\n\n\n
\n
\"The United States has seized 55,273,469 shares of the stock of Robinhood Markets Inc. and $20,746,713.67 in United States currency (together, the \u201cSeized Assets\u201d) from an account at ED&F Man Capital Markets Inc. pursuant to judicially authorized seizure warrants issued in the Southern District of New York<\/em>,\" states the DOJ.<\/li>\n<\/ul>\n\n\n\n
\n
In this Chapter 11 case, it is noted that the debtors are BlockFi Inc.<\/li>\n<\/ul>\n\n\n\n
\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\nSee Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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By subscribing, you agree with our privacy and terms.

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Follow The Distributed

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\n
In July last year, FTX\u00a0offered<\/a>\u00a0\u2018\u2018an early liquidity\u2019\u2019 <\/em>to the customers of Voyager Digital. The plan was declined by the firm, terming it as a \u2018\u2018low-ball bid dressed up as a white knight rescue.\u2019\u2019<\/em> Binance later acquired the now-bankrupt firm. <\/p>\n\n\n\n
In light of the same, the individuals mentioned above must appear for a remote disposition on February 23, according to a court filing. The same creditors reportedly served similar summons to Bankman-Fried, Ellison, Wang, and FTX\u2019s head of product Ramnic Arora on February 6.<\/p>\n\n\n\n
See Related:<\/strong><\/em> FTX Orders Beneficiaries of Its Political Donations to Return Money \u2013 Estimated at $93 million<\/a><\/p>\n\n\n\n
SBF And His Former Executives To Submit Relevant Documents Before February 20th<\/h2>\n\n\n\n
Besides, the summons,\u00a0 filed<\/a>\u00a0before the US Bankruptcy Court Southern District of New York, have compelled the executives to produce documents and all the relevant information about the loan agreements between Alameda Ventures and Voyager.<\/p>\n\n\n\n
Noteworthy, Alameda Research, FTX\u2019s sister company, sued Voyager Digital last month, seeking to recover more than $400 million in payments made to the lender. FTX paid $442.7 million to Voyager \u2013 the amount it seeks to recover \u2013 on grounds that the payment was close to FTX\u2019s bankruptcy filing. The multiple investigations come amid a warning by bankruptcy Judge Lewis Kaplan that Bankman-Fried\u2019s bail could be revoked for witness tampering.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Crypto-Friendly Bank Silvergate Faces Probe For Dealings With Bankrupt FTX<\/a><\/p>\n","post_title":"FTX\u2019s Former Executives Subpoenaed By Voyager Creditors To Explain Failed Bailout Attempts","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-former-executives-subpoenaed-by-voyager-creditors-to-explain-failed-bailout-attempts","to_ping":"","pinged":"","post_modified":"2023-02-21 12:53:19","post_modified_gmt":"2023-02-21 01:53:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9998","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9513,"post_author":"13","post_date":"2023-01-22 01:37:54","post_date_gmt":"2023-01-21 14:37:54","post_content":"\n
Quick Facts<\/h3>\n\n\n\n
\n
A bulk of the assets are shares held with Robinhood Markets.<\/li>\n\n\n\n
Also listed are unspecified amounts in rival exchange Binance. <\/li>\n<\/ul>\n\n\n\n
The US District Court Southern District of New York published<\/a> a list of assets Friday linked to the former CEO and co-founder of FTX Sam Bankman Fried that have been earmarked for forfeiture, including shares, bank account balances, and cryptocurrencies held in other exchanges. <\/p>\n\n\n\n
Mainly, 55,273,469 shares in Robinhood worth about $526 million, allegedly bought by SBF with stolen funds, make up the bulk of the seized funds. The shares - acquired through Emergent Fidelity Technologies, a shell company created by SBF and his business partner Gary Wang \u2013 were recently at the centre of a tussle between Bankman-Fried, FTX Group, and BlockFi.  <\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Also in the document submitted by the US Attorney Damian Williams is $20.7 million held at ED&F Man Capital Markets and an estimated $50 million at Farmington State Bank. There is also an amount worth $5 million at Silvergate Bank under FTX Digital Markets. <\/p>\n\n\n\n
Part Of The Assets Seized Are Cryptos Held With The Binance Exchange<\/h2>\n\n\n\n
The filing has also listed unspecified amounts in rival crypto exchange Binance and its subsidiary Binance US. Before the event leading to the FTX collapse, Binance had disclosed a rescue plan to help the bankrupt business, which never came through. <\/p>\n\n\n\n
See Related: <\/strong><\/em>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n
The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9289,"post_author":"12","post_date":"2023-01-10 02:17:51","post_date_gmt":"2023-01-09 15:17:51","post_content":"\n
In a Notice of Asset Seizures released<\/a> by the United States Department of Justice, over 55M Robinhood shares were linked to Sam Bankman-Fried and FTX co-founder Gary Wang.<\/p>\n\n\n\n
\n
\"The United States has seized 55,273,469 shares of the stock of Robinhood Markets Inc. and $20,746,713.67 in United States currency (together, the \u201cSeized Assets\u201d) from an account at ED&F Man Capital Markets Inc. pursuant to judicially authorized seizure warrants issued in the Southern District of New York<\/em>,\" states the DOJ.<\/li>\n<\/ul>\n\n\n\n
\n
In this Chapter 11 case, it is noted that the debtors are BlockFi Inc.<\/li>\n<\/ul>\n\n\n\n
\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\nSee Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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FTX’s Former CEO Sam Bankman-Fried To Skip Second Trial

January 4, 2024

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November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
A team representing the unsecured creditors of Voyager Digital, the bankrupt crypto lender, have asked the former FTX executives \u2013 Sam Bankman-Fried, Samuel Tarbucco, Nishad Singh, Gary Wang, and Caroline Ellison \u2013 to appear before a bankruptcy court this week on questions around the attempted acquisition of the failed crypto lender.<\/p>\n\n\n\n
In July last year, FTX\u00a0offered<\/a>\u00a0\u2018\u2018an early liquidity\u2019\u2019 <\/em>to the customers of Voyager Digital. The plan was declined by the firm, terming it as a \u2018\u2018low-ball bid dressed up as a white knight rescue.\u2019\u2019<\/em> Binance later acquired the now-bankrupt firm. <\/p>\n\n\n\n
In light of the same, the individuals mentioned above must appear for a remote disposition on February 23, according to a court filing. The same creditors reportedly served similar summons to Bankman-Fried, Ellison, Wang, and FTX\u2019s head of product Ramnic Arora on February 6.<\/p>\n\n\n\n
See Related:<\/strong><\/em> FTX Orders Beneficiaries of Its Political Donations to Return Money \u2013 Estimated at $93 million<\/a><\/p>\n\n\n\n
SBF And His Former Executives To Submit Relevant Documents Before February 20th<\/h2>\n\n\n\n
Besides, the summons,\u00a0 filed<\/a>\u00a0before the US Bankruptcy Court Southern District of New York, have compelled the executives to produce documents and all the relevant information about the loan agreements between Alameda Ventures and Voyager.<\/p>\n\n\n\n
Noteworthy, Alameda Research, FTX\u2019s sister company, sued Voyager Digital last month, seeking to recover more than $400 million in payments made to the lender. FTX paid $442.7 million to Voyager \u2013 the amount it seeks to recover \u2013 on grounds that the payment was close to FTX\u2019s bankruptcy filing. The multiple investigations come amid a warning by bankruptcy Judge Lewis Kaplan that Bankman-Fried\u2019s bail could be revoked for witness tampering.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Crypto-Friendly Bank Silvergate Faces Probe For Dealings With Bankrupt FTX<\/a><\/p>\n","post_title":"FTX\u2019s Former Executives Subpoenaed By Voyager Creditors To Explain Failed Bailout Attempts","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-former-executives-subpoenaed-by-voyager-creditors-to-explain-failed-bailout-attempts","to_ping":"","pinged":"","post_modified":"2023-02-21 12:53:19","post_modified_gmt":"2023-02-21 01:53:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9998","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9513,"post_author":"13","post_date":"2023-01-22 01:37:54","post_date_gmt":"2023-01-21 14:37:54","post_content":"\n
Quick Facts<\/h3>\n\n\n\n
\n
A bulk of the assets are shares held with Robinhood Markets.<\/li>\n\n\n\n
Also listed are unspecified amounts in rival exchange Binance. <\/li>\n<\/ul>\n\n\n\n
The US District Court Southern District of New York published<\/a> a list of assets Friday linked to the former CEO and co-founder of FTX Sam Bankman Fried that have been earmarked for forfeiture, including shares, bank account balances, and cryptocurrencies held in other exchanges. <\/p>\n\n\n\n
Mainly, 55,273,469 shares in Robinhood worth about $526 million, allegedly bought by SBF with stolen funds, make up the bulk of the seized funds. The shares - acquired through Emergent Fidelity Technologies, a shell company created by SBF and his business partner Gary Wang \u2013 were recently at the centre of a tussle between Bankman-Fried, FTX Group, and BlockFi.  <\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Also in the document submitted by the US Attorney Damian Williams is $20.7 million held at ED&F Man Capital Markets and an estimated $50 million at Farmington State Bank. There is also an amount worth $5 million at Silvergate Bank under FTX Digital Markets. <\/p>\n\n\n\n
Part Of The Assets Seized Are Cryptos Held With The Binance Exchange<\/h2>\n\n\n\n
The filing has also listed unspecified amounts in rival crypto exchange Binance and its subsidiary Binance US. Before the event leading to the FTX collapse, Binance had disclosed a rescue plan to help the bankrupt business, which never came through. <\/p>\n\n\n\n
See Related: <\/strong><\/em>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n
The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9289,"post_author":"12","post_date":"2023-01-10 02:17:51","post_date_gmt":"2023-01-09 15:17:51","post_content":"\n
In a Notice of Asset Seizures released<\/a> by the United States Department of Justice, over 55M Robinhood shares were linked to Sam Bankman-Fried and FTX co-founder Gary Wang.<\/p>\n\n\n\n
\n
\"The United States has seized 55,273,469 shares of the stock of Robinhood Markets Inc. and $20,746,713.67 in United States currency (together, the \u201cSeized Assets\u201d) from an account at ED&F Man Capital Markets Inc. pursuant to judicially authorized seizure warrants issued in the Southern District of New York<\/em>,\" states the DOJ.<\/li>\n<\/ul>\n\n\n\n
\n
In this Chapter 11 case, it is noted that the debtors are BlockFi Inc.<\/li>\n<\/ul>\n\n\n\n
\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\nSee Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Follow The Distributed

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\n
The proposal failed, and Binance later got the approval to acquire the crypto lender.<\/li>\n<\/ul>\n\n\n\n
A team representing the unsecured creditors of Voyager Digital, the bankrupt crypto lender, have asked the former FTX executives \u2013 Sam Bankman-Fried, Samuel Tarbucco, Nishad Singh, Gary Wang, and Caroline Ellison \u2013 to appear before a bankruptcy court this week on questions around the attempted acquisition of the failed crypto lender.<\/p>\n\n\n\n
In July last year, FTX\u00a0offered<\/a>\u00a0\u2018\u2018an early liquidity\u2019\u2019 <\/em>to the customers of Voyager Digital. The plan was declined by the firm, terming it as a \u2018\u2018low-ball bid dressed up as a white knight rescue.\u2019\u2019<\/em> Binance later acquired the now-bankrupt firm. <\/p>\n\n\n\n
In light of the same, the individuals mentioned above must appear for a remote disposition on February 23, according to a court filing. The same creditors reportedly served similar summons to Bankman-Fried, Ellison, Wang, and FTX\u2019s head of product Ramnic Arora on February 6.<\/p>\n\n\n\n
See Related:<\/strong><\/em> FTX Orders Beneficiaries of Its Political Donations to Return Money \u2013 Estimated at $93 million<\/a><\/p>\n\n\n\n
SBF And His Former Executives To Submit Relevant Documents Before February 20th<\/h2>\n\n\n\n
Besides, the summons,\u00a0 filed<\/a>\u00a0before the US Bankruptcy Court Southern District of New York, have compelled the executives to produce documents and all the relevant information about the loan agreements between Alameda Ventures and Voyager.<\/p>\n\n\n\n
Noteworthy, Alameda Research, FTX\u2019s sister company, sued Voyager Digital last month, seeking to recover more than $400 million in payments made to the lender. FTX paid $442.7 million to Voyager \u2013 the amount it seeks to recover \u2013 on grounds that the payment was close to FTX\u2019s bankruptcy filing. The multiple investigations come amid a warning by bankruptcy Judge Lewis Kaplan that Bankman-Fried\u2019s bail could be revoked for witness tampering.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Crypto-Friendly Bank Silvergate Faces Probe For Dealings With Bankrupt FTX<\/a><\/p>\n","post_title":"FTX\u2019s Former Executives Subpoenaed By Voyager Creditors To Explain Failed Bailout Attempts","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-former-executives-subpoenaed-by-voyager-creditors-to-explain-failed-bailout-attempts","to_ping":"","pinged":"","post_modified":"2023-02-21 12:53:19","post_modified_gmt":"2023-02-21 01:53:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9998","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9513,"post_author":"13","post_date":"2023-01-22 01:37:54","post_date_gmt":"2023-01-21 14:37:54","post_content":"\n
Quick Facts<\/h3>\n\n\n\n
\n
A bulk of the assets are shares held with Robinhood Markets.<\/li>\n\n\n\n
Also listed are unspecified amounts in rival exchange Binance. <\/li>\n<\/ul>\n\n\n\n
The US District Court Southern District of New York published<\/a> a list of assets Friday linked to the former CEO and co-founder of FTX Sam Bankman Fried that have been earmarked for forfeiture, including shares, bank account balances, and cryptocurrencies held in other exchanges. <\/p>\n\n\n\n
Mainly, 55,273,469 shares in Robinhood worth about $526 million, allegedly bought by SBF with stolen funds, make up the bulk of the seized funds. The shares - acquired through Emergent Fidelity Technologies, a shell company created by SBF and his business partner Gary Wang \u2013 were recently at the centre of a tussle between Bankman-Fried, FTX Group, and BlockFi.  <\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Also in the document submitted by the US Attorney Damian Williams is $20.7 million held at ED&F Man Capital Markets and an estimated $50 million at Farmington State Bank. There is also an amount worth $5 million at Silvergate Bank under FTX Digital Markets. <\/p>\n\n\n\n
Part Of The Assets Seized Are Cryptos Held With The Binance Exchange<\/h2>\n\n\n\n
The filing has also listed unspecified amounts in rival crypto exchange Binance and its subsidiary Binance US. Before the event leading to the FTX collapse, Binance had disclosed a rescue plan to help the bankrupt business, which never came through. <\/p>\n\n\n\n
See Related: <\/strong><\/em>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n
The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9289,"post_author":"12","post_date":"2023-01-10 02:17:51","post_date_gmt":"2023-01-09 15:17:51","post_content":"\n
In a Notice of Asset Seizures released<\/a> by the United States Department of Justice, over 55M Robinhood shares were linked to Sam Bankman-Fried and FTX co-founder Gary Wang.<\/p>\n\n\n\n
\n
\"The United States has seized 55,273,469 shares of the stock of Robinhood Markets Inc. and $20,746,713.67 in United States currency (together, the \u201cSeized Assets\u201d) from an account at ED&F Man Capital Markets Inc. pursuant to judicially authorized seizure warrants issued in the Southern District of New York<\/em>,\" states the DOJ.<\/li>\n<\/ul>\n\n\n\n
\n
In this Chapter 11 case, it is noted that the debtors are BlockFi Inc.<\/li>\n<\/ul>\n\n\n\n
\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\nSee Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Cryptocurrencies

FTX’s Former CEO Sam Bankman-Fried To Skip Second Trial

January 4, 2024

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Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

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November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Before the collapse of FTX, the crypto exchange had proposed to acquire the assets of Voyager Digital.<\/li>\n\n\n\n
The proposal failed, and Binance later got the approval to acquire the crypto lender.<\/li>\n<\/ul>\n\n\n\n
A team representing the unsecured creditors of Voyager Digital, the bankrupt crypto lender, have asked the former FTX executives \u2013 Sam Bankman-Fried, Samuel Tarbucco, Nishad Singh, Gary Wang, and Caroline Ellison \u2013 to appear before a bankruptcy court this week on questions around the attempted acquisition of the failed crypto lender.<\/p>\n\n\n\n
In July last year, FTX\u00a0offered<\/a>\u00a0\u2018\u2018an early liquidity\u2019\u2019 <\/em>to the customers of Voyager Digital. The plan was declined by the firm, terming it as a \u2018\u2018low-ball bid dressed up as a white knight rescue.\u2019\u2019<\/em> Binance later acquired the now-bankrupt firm. <\/p>\n\n\n\n
In light of the same, the individuals mentioned above must appear for a remote disposition on February 23, according to a court filing. The same creditors reportedly served similar summons to Bankman-Fried, Ellison, Wang, and FTX\u2019s head of product Ramnic Arora on February 6.<\/p>\n\n\n\n
See Related:<\/strong><\/em> FTX Orders Beneficiaries of Its Political Donations to Return Money \u2013 Estimated at $93 million<\/a><\/p>\n\n\n\n
SBF And His Former Executives To Submit Relevant Documents Before February 20th<\/h2>\n\n\n\n
Besides, the summons,\u00a0 filed<\/a>\u00a0before the US Bankruptcy Court Southern District of New York, have compelled the executives to produce documents and all the relevant information about the loan agreements between Alameda Ventures and Voyager.<\/p>\n\n\n\n
Noteworthy, Alameda Research, FTX\u2019s sister company, sued Voyager Digital last month, seeking to recover more than $400 million in payments made to the lender. FTX paid $442.7 million to Voyager \u2013 the amount it seeks to recover \u2013 on grounds that the payment was close to FTX\u2019s bankruptcy filing. The multiple investigations come amid a warning by bankruptcy Judge Lewis Kaplan that Bankman-Fried\u2019s bail could be revoked for witness tampering.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Crypto-Friendly Bank Silvergate Faces Probe For Dealings With Bankrupt FTX<\/a><\/p>\n","post_title":"FTX\u2019s Former Executives Subpoenaed By Voyager Creditors To Explain Failed Bailout Attempts","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-former-executives-subpoenaed-by-voyager-creditors-to-explain-failed-bailout-attempts","to_ping":"","pinged":"","post_modified":"2023-02-21 12:53:19","post_modified_gmt":"2023-02-21 01:53:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9998","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9513,"post_author":"13","post_date":"2023-01-22 01:37:54","post_date_gmt":"2023-01-21 14:37:54","post_content":"\n
Quick Facts<\/h3>\n\n\n\n
\n
A bulk of the assets are shares held with Robinhood Markets.<\/li>\n\n\n\n
Also listed are unspecified amounts in rival exchange Binance. <\/li>\n<\/ul>\n\n\n\n
The US District Court Southern District of New York published<\/a> a list of assets Friday linked to the former CEO and co-founder of FTX Sam Bankman Fried that have been earmarked for forfeiture, including shares, bank account balances, and cryptocurrencies held in other exchanges. <\/p>\n\n\n\n
Mainly, 55,273,469 shares in Robinhood worth about $526 million, allegedly bought by SBF with stolen funds, make up the bulk of the seized funds. The shares - acquired through Emergent Fidelity Technologies, a shell company created by SBF and his business partner Gary Wang \u2013 were recently at the centre of a tussle between Bankman-Fried, FTX Group, and BlockFi.  <\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Also in the document submitted by the US Attorney Damian Williams is $20.7 million held at ED&F Man Capital Markets and an estimated $50 million at Farmington State Bank. There is also an amount worth $5 million at Silvergate Bank under FTX Digital Markets. <\/p>\n\n\n\n
Part Of The Assets Seized Are Cryptos Held With The Binance Exchange<\/h2>\n\n\n\n
The filing has also listed unspecified amounts in rival crypto exchange Binance and its subsidiary Binance US. Before the event leading to the FTX collapse, Binance had disclosed a rescue plan to help the bankrupt business, which never came through. <\/p>\n\n\n\n
See Related: <\/strong><\/em>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n
The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9289,"post_author":"12","post_date":"2023-01-10 02:17:51","post_date_gmt":"2023-01-09 15:17:51","post_content":"\n
In a Notice of Asset Seizures released<\/a> by the United States Department of Justice, over 55M Robinhood shares were linked to Sam Bankman-Fried and FTX co-founder Gary Wang.<\/p>\n\n\n\n
\n
\"The United States has seized 55,273,469 shares of the stock of Robinhood Markets Inc. and $20,746,713.67 in United States currency (together, the \u201cSeized Assets\u201d) from an account at ED&F Man Capital Markets Inc. pursuant to judicially authorized seizure warrants issued in the Southern District of New York<\/em>,\" states the DOJ.<\/li>\n<\/ul>\n\n\n\n
\n
In this Chapter 11 case, it is noted that the debtors are BlockFi Inc.<\/li>\n<\/ul>\n\n\n\n
\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\nSee Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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November 24, 2024

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Follow The Distributed

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\n
\n
Before the collapse of FTX, the crypto exchange had proposed to acquire the assets of Voyager Digital.<\/li>\n\n\n\n
The proposal failed, and Binance later got the approval to acquire the crypto lender.<\/li>\n<\/ul>\n\n\n\n
A team representing the unsecured creditors of Voyager Digital, the bankrupt crypto lender, have asked the former FTX executives \u2013 Sam Bankman-Fried, Samuel Tarbucco, Nishad Singh, Gary Wang, and Caroline Ellison \u2013 to appear before a bankruptcy court this week on questions around the attempted acquisition of the failed crypto lender.<\/p>\n\n\n\n
In July last year, FTX\u00a0offered<\/a>\u00a0\u2018\u2018an early liquidity\u2019\u2019 <\/em>to the customers of Voyager Digital. The plan was declined by the firm, terming it as a \u2018\u2018low-ball bid dressed up as a white knight rescue.\u2019\u2019<\/em> Binance later acquired the now-bankrupt firm. <\/p>\n\n\n\n
In light of the same, the individuals mentioned above must appear for a remote disposition on February 23, according to a court filing. The same creditors reportedly served similar summons to Bankman-Fried, Ellison, Wang, and FTX\u2019s head of product Ramnic Arora on February 6.<\/p>\n\n\n\n
See Related:<\/strong><\/em> FTX Orders Beneficiaries of Its Political Donations to Return Money \u2013 Estimated at $93 million<\/a><\/p>\n\n\n\n
SBF And His Former Executives To Submit Relevant Documents Before February 20th<\/h2>\n\n\n\n
Besides, the summons,\u00a0 filed<\/a>\u00a0before the US Bankruptcy Court Southern District of New York, have compelled the executives to produce documents and all the relevant information about the loan agreements between Alameda Ventures and Voyager.<\/p>\n\n\n\n
Noteworthy, Alameda Research, FTX\u2019s sister company, sued Voyager Digital last month, seeking to recover more than $400 million in payments made to the lender. FTX paid $442.7 million to Voyager \u2013 the amount it seeks to recover \u2013 on grounds that the payment was close to FTX\u2019s bankruptcy filing. The multiple investigations come amid a warning by bankruptcy Judge Lewis Kaplan that Bankman-Fried\u2019s bail could be revoked for witness tampering.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Crypto-Friendly Bank Silvergate Faces Probe For Dealings With Bankrupt FTX<\/a><\/p>\n","post_title":"FTX\u2019s Former Executives Subpoenaed By Voyager Creditors To Explain Failed Bailout Attempts","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-former-executives-subpoenaed-by-voyager-creditors-to-explain-failed-bailout-attempts","to_ping":"","pinged":"","post_modified":"2023-02-21 12:53:19","post_modified_gmt":"2023-02-21 01:53:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9998","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9513,"post_author":"13","post_date":"2023-01-22 01:37:54","post_date_gmt":"2023-01-21 14:37:54","post_content":"\n
Quick Facts<\/h3>\n\n\n\n
\n
A bulk of the assets are shares held with Robinhood Markets.<\/li>\n\n\n\n
Also listed are unspecified amounts in rival exchange Binance. <\/li>\n<\/ul>\n\n\n\n
The US District Court Southern District of New York published<\/a> a list of assets Friday linked to the former CEO and co-founder of FTX Sam Bankman Fried that have been earmarked for forfeiture, including shares, bank account balances, and cryptocurrencies held in other exchanges. <\/p>\n\n\n\n
Mainly, 55,273,469 shares in Robinhood worth about $526 million, allegedly bought by SBF with stolen funds, make up the bulk of the seized funds. The shares - acquired through Emergent Fidelity Technologies, a shell company created by SBF and his business partner Gary Wang \u2013 were recently at the centre of a tussle between Bankman-Fried, FTX Group, and BlockFi.  <\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Also in the document submitted by the US Attorney Damian Williams is $20.7 million held at ED&F Man Capital Markets and an estimated $50 million at Farmington State Bank. There is also an amount worth $5 million at Silvergate Bank under FTX Digital Markets. <\/p>\n\n\n\n
Part Of The Assets Seized Are Cryptos Held With The Binance Exchange<\/h2>\n\n\n\n
The filing has also listed unspecified amounts in rival crypto exchange Binance and its subsidiary Binance US. Before the event leading to the FTX collapse, Binance had disclosed a rescue plan to help the bankrupt business, which never came through. <\/p>\n\n\n\n
See Related: <\/strong><\/em>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n
The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9289,"post_author":"12","post_date":"2023-01-10 02:17:51","post_date_gmt":"2023-01-09 15:17:51","post_content":"\n
In a Notice of Asset Seizures released<\/a> by the United States Department of Justice, over 55M Robinhood shares were linked to Sam Bankman-Fried and FTX co-founder Gary Wang.<\/p>\n\n\n\n
\n
\"The United States has seized 55,273,469 shares of the stock of Robinhood Markets Inc. and $20,746,713.67 in United States currency (together, the \u201cSeized Assets\u201d) from an account at ED&F Man Capital Markets Inc. pursuant to judicially authorized seizure warrants issued in the Southern District of New York<\/em>,\" states the DOJ.<\/li>\n<\/ul>\n\n\n\n
\n
In this Chapter 11 case, it is noted that the debtors are BlockFi Inc.<\/li>\n<\/ul>\n\n\n\n
\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\nSee Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Cryptocurrencies

FTX’s Former CEO Sam Bankman-Fried To Skip Second Trial

January 4, 2024

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Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

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Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
The trial, which began in early October, witnessed a courtroom drama featuring testimonies from Bankman-Fried's former associates, including Caroline Ellison and Gary Wang, both key figures in FTX. Their cooperation with the prosecution added a layer of complexity to the case.<\/p>\n","post_title":"FTX's Former CEO Sam Bankman-Fried To Skip Second Trial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-former-ceo-sam-bankman-fried-to-skip-second-trial","to_ping":"","pinged":"","post_modified":"2024-01-04 01:25:37","post_modified_gmt":"2024-01-03 14:25:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14827","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9998,"post_author":"13","post_date":"2023-02-21 12:51:59","post_date_gmt":"2023-02-21 01:51:59","post_content":"\n
\n
Before the collapse of FTX, the crypto exchange had proposed to acquire the assets of Voyager Digital.<\/li>\n\n\n\n
The proposal failed, and Binance later got the approval to acquire the crypto lender.<\/li>\n<\/ul>\n\n\n\n
A team representing the unsecured creditors of Voyager Digital, the bankrupt crypto lender, have asked the former FTX executives \u2013 Sam Bankman-Fried, Samuel Tarbucco, Nishad Singh, Gary Wang, and Caroline Ellison \u2013 to appear before a bankruptcy court this week on questions around the attempted acquisition of the failed crypto lender.<\/p>\n\n\n\n
In July last year, FTX\u00a0offered<\/a>\u00a0\u2018\u2018an early liquidity\u2019\u2019 <\/em>to the customers of Voyager Digital. The plan was declined by the firm, terming it as a \u2018\u2018low-ball bid dressed up as a white knight rescue.\u2019\u2019<\/em> Binance later acquired the now-bankrupt firm. <\/p>\n\n\n\n
In light of the same, the individuals mentioned above must appear for a remote disposition on February 23, according to a court filing. The same creditors reportedly served similar summons to Bankman-Fried, Ellison, Wang, and FTX\u2019s head of product Ramnic Arora on February 6.<\/p>\n\n\n\n
See Related:<\/strong><\/em> FTX Orders Beneficiaries of Its Political Donations to Return Money \u2013 Estimated at $93 million<\/a><\/p>\n\n\n\n
SBF And His Former Executives To Submit Relevant Documents Before February 20th<\/h2>\n\n\n\n
Besides, the summons,\u00a0 filed<\/a>\u00a0before the US Bankruptcy Court Southern District of New York, have compelled the executives to produce documents and all the relevant information about the loan agreements between Alameda Ventures and Voyager.<\/p>\n\n\n\n
Noteworthy, Alameda Research, FTX\u2019s sister company, sued Voyager Digital last month, seeking to recover more than $400 million in payments made to the lender. FTX paid $442.7 million to Voyager \u2013 the amount it seeks to recover \u2013 on grounds that the payment was close to FTX\u2019s bankruptcy filing. The multiple investigations come amid a warning by bankruptcy Judge Lewis Kaplan that Bankman-Fried\u2019s bail could be revoked for witness tampering.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Crypto-Friendly Bank Silvergate Faces Probe For Dealings With Bankrupt FTX<\/a><\/p>\n","post_title":"FTX\u2019s Former Executives Subpoenaed By Voyager Creditors To Explain Failed Bailout Attempts","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-former-executives-subpoenaed-by-voyager-creditors-to-explain-failed-bailout-attempts","to_ping":"","pinged":"","post_modified":"2023-02-21 12:53:19","post_modified_gmt":"2023-02-21 01:53:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9998","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9513,"post_author":"13","post_date":"2023-01-22 01:37:54","post_date_gmt":"2023-01-21 14:37:54","post_content":"\n
Quick Facts<\/h3>\n\n\n\n
\n
A bulk of the assets are shares held with Robinhood Markets.<\/li>\n\n\n\n
Also listed are unspecified amounts in rival exchange Binance. <\/li>\n<\/ul>\n\n\n\n
The US District Court Southern District of New York published<\/a> a list of assets Friday linked to the former CEO and co-founder of FTX Sam Bankman Fried that have been earmarked for forfeiture, including shares, bank account balances, and cryptocurrencies held in other exchanges. <\/p>\n\n\n\n
Mainly, 55,273,469 shares in Robinhood worth about $526 million, allegedly bought by SBF with stolen funds, make up the bulk of the seized funds. The shares - acquired through Emergent Fidelity Technologies, a shell company created by SBF and his business partner Gary Wang \u2013 were recently at the centre of a tussle between Bankman-Fried, FTX Group, and BlockFi.  <\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Also in the document submitted by the US Attorney Damian Williams is $20.7 million held at ED&F Man Capital Markets and an estimated $50 million at Farmington State Bank. There is also an amount worth $5 million at Silvergate Bank under FTX Digital Markets. <\/p>\n\n\n\n
Part Of The Assets Seized Are Cryptos Held With The Binance Exchange<\/h2>\n\n\n\n
The filing has also listed unspecified amounts in rival crypto exchange Binance and its subsidiary Binance US. Before the event leading to the FTX collapse, Binance had disclosed a rescue plan to help the bankrupt business, which never came through. <\/p>\n\n\n\n
See Related: <\/strong><\/em>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n
The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9289,"post_author":"12","post_date":"2023-01-10 02:17:51","post_date_gmt":"2023-01-09 15:17:51","post_content":"\n
In a Notice of Asset Seizures released<\/a> by the United States Department of Justice, over 55M Robinhood shares were linked to Sam Bankman-Fried and FTX co-founder Gary Wang.<\/p>\n\n\n\n
\n
\"The United States has seized 55,273,469 shares of the stock of Robinhood Markets Inc. and $20,746,713.67 in United States currency (together, the \u201cSeized Assets\u201d) from an account at ED&F Man Capital Markets Inc. pursuant to judicially authorized seizure warrants issued in the Southern District of New York<\/em>,\" states the DOJ.<\/li>\n<\/ul>\n\n\n\n
\n
In this Chapter 11 case, it is noted that the debtors are BlockFi Inc.<\/li>\n<\/ul>\n\n\n\n
\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\nSee Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
The charges against Bankman-Fried include wire fraud and conspiracy to commit wire fraud against FTX's customers and Alameda Research lenders, conspiracy to commit securities fraud, conspiracy to commit commodities fraud against FTX investors, and conspiracy to commit money laundering.<\/p>\n\n\n\n
The trial, which began in early October, witnessed a courtroom drama featuring testimonies from Bankman-Fried's former associates, including Caroline Ellison and Gary Wang, both key figures in FTX. Their cooperation with the prosecution added a layer of complexity to the case.<\/p>\n","post_title":"FTX's Former CEO Sam Bankman-Fried To Skip Second Trial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-former-ceo-sam-bankman-fried-to-skip-second-trial","to_ping":"","pinged":"","post_modified":"2024-01-04 01:25:37","post_modified_gmt":"2024-01-03 14:25:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14827","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9998,"post_author":"13","post_date":"2023-02-21 12:51:59","post_date_gmt":"2023-02-21 01:51:59","post_content":"\n
\n
Before the collapse of FTX, the crypto exchange had proposed to acquire the assets of Voyager Digital.<\/li>\n\n\n\n
The proposal failed, and Binance later got the approval to acquire the crypto lender.<\/li>\n<\/ul>\n\n\n\n
A team representing the unsecured creditors of Voyager Digital, the bankrupt crypto lender, have asked the former FTX executives \u2013 Sam Bankman-Fried, Samuel Tarbucco, Nishad Singh, Gary Wang, and Caroline Ellison \u2013 to appear before a bankruptcy court this week on questions around the attempted acquisition of the failed crypto lender.<\/p>\n\n\n\n
In July last year, FTX\u00a0offered<\/a>\u00a0\u2018\u2018an early liquidity\u2019\u2019 <\/em>to the customers of Voyager Digital. The plan was declined by the firm, terming it as a \u2018\u2018low-ball bid dressed up as a white knight rescue.\u2019\u2019<\/em> Binance later acquired the now-bankrupt firm. <\/p>\n\n\n\n
In light of the same, the individuals mentioned above must appear for a remote disposition on February 23, according to a court filing. The same creditors reportedly served similar summons to Bankman-Fried, Ellison, Wang, and FTX\u2019s head of product Ramnic Arora on February 6.<\/p>\n\n\n\n
See Related:<\/strong><\/em> FTX Orders Beneficiaries of Its Political Donations to Return Money \u2013 Estimated at $93 million<\/a><\/p>\n\n\n\n
SBF And His Former Executives To Submit Relevant Documents Before February 20th<\/h2>\n\n\n\n
Besides, the summons,\u00a0 filed<\/a>\u00a0before the US Bankruptcy Court Southern District of New York, have compelled the executives to produce documents and all the relevant information about the loan agreements between Alameda Ventures and Voyager.<\/p>\n\n\n\n
Noteworthy, Alameda Research, FTX\u2019s sister company, sued Voyager Digital last month, seeking to recover more than $400 million in payments made to the lender. FTX paid $442.7 million to Voyager \u2013 the amount it seeks to recover \u2013 on grounds that the payment was close to FTX\u2019s bankruptcy filing. The multiple investigations come amid a warning by bankruptcy Judge Lewis Kaplan that Bankman-Fried\u2019s bail could be revoked for witness tampering.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Crypto-Friendly Bank Silvergate Faces Probe For Dealings With Bankrupt FTX<\/a><\/p>\n","post_title":"FTX\u2019s Former Executives Subpoenaed By Voyager Creditors To Explain Failed Bailout Attempts","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-former-executives-subpoenaed-by-voyager-creditors-to-explain-failed-bailout-attempts","to_ping":"","pinged":"","post_modified":"2023-02-21 12:53:19","post_modified_gmt":"2023-02-21 01:53:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9998","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9513,"post_author":"13","post_date":"2023-01-22 01:37:54","post_date_gmt":"2023-01-21 14:37:54","post_content":"\n
Quick Facts<\/h3>\n\n\n\n
\n
A bulk of the assets are shares held with Robinhood Markets.<\/li>\n\n\n\n
Also listed are unspecified amounts in rival exchange Binance. <\/li>\n<\/ul>\n\n\n\n
The US District Court Southern District of New York published<\/a> a list of assets Friday linked to the former CEO and co-founder of FTX Sam Bankman Fried that have been earmarked for forfeiture, including shares, bank account balances, and cryptocurrencies held in other exchanges. <\/p>\n\n\n\n
Mainly, 55,273,469 shares in Robinhood worth about $526 million, allegedly bought by SBF with stolen funds, make up the bulk of the seized funds. The shares - acquired through Emergent Fidelity Technologies, a shell company created by SBF and his business partner Gary Wang \u2013 were recently at the centre of a tussle between Bankman-Fried, FTX Group, and BlockFi.  <\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Also in the document submitted by the US Attorney Damian Williams is $20.7 million held at ED&F Man Capital Markets and an estimated $50 million at Farmington State Bank. There is also an amount worth $5 million at Silvergate Bank under FTX Digital Markets. <\/p>\n\n\n\n
Part Of The Assets Seized Are Cryptos Held With The Binance Exchange<\/h2>\n\n\n\n
The filing has also listed unspecified amounts in rival crypto exchange Binance and its subsidiary Binance US. Before the event leading to the FTX collapse, Binance had disclosed a rescue plan to help the bankrupt business, which never came through. <\/p>\n\n\n\n
See Related: <\/strong><\/em>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n
The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9289,"post_author":"12","post_date":"2023-01-10 02:17:51","post_date_gmt":"2023-01-09 15:17:51","post_content":"\n
In a Notice of Asset Seizures released<\/a> by the United States Department of Justice, over 55M Robinhood shares were linked to Sam Bankman-Fried and FTX co-founder Gary Wang.<\/p>\n\n\n\n
\n
\"The United States has seized 55,273,469 shares of the stock of Robinhood Markets Inc. and $20,746,713.67 in United States currency (together, the \u201cSeized Assets\u201d) from an account at ED&F Man Capital Markets Inc. pursuant to judicially authorized seizure warrants issued in the Southern District of New York<\/em>,\" states the DOJ.<\/li>\n<\/ul>\n\n\n\n
\n
In this Chapter 11 case, it is noted that the debtors are BlockFi Inc.<\/li>\n<\/ul>\n\n\n\n
\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\nSee Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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FTX’s Former CEO Sam Bankman-Fried To Skip Second Trial

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Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

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November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
While Bankman-Fried avoids the prospect of a retrial, the uncertainty surrounding the unresolved charges and the impending sentencing continues to keep this high-profile case uncertain, CNBC reported<\/a>. <\/p>\n\n\n\n
The charges against Bankman-Fried include wire fraud and conspiracy to commit wire fraud against FTX's customers and Alameda Research lenders, conspiracy to commit securities fraud, conspiracy to commit commodities fraud against FTX investors, and conspiracy to commit money laundering.<\/p>\n\n\n\n
The trial, which began in early October, witnessed a courtroom drama featuring testimonies from Bankman-Fried's former associates, including Caroline Ellison and Gary Wang, both key figures in FTX. Their cooperation with the prosecution added a layer of complexity to the case.<\/p>\n","post_title":"FTX's Former CEO Sam Bankman-Fried To Skip Second Trial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-former-ceo-sam-bankman-fried-to-skip-second-trial","to_ping":"","pinged":"","post_modified":"2024-01-04 01:25:37","post_modified_gmt":"2024-01-03 14:25:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14827","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9998,"post_author":"13","post_date":"2023-02-21 12:51:59","post_date_gmt":"2023-02-21 01:51:59","post_content":"\n
\n
Before the collapse of FTX, the crypto exchange had proposed to acquire the assets of Voyager Digital.<\/li>\n\n\n\n
The proposal failed, and Binance later got the approval to acquire the crypto lender.<\/li>\n<\/ul>\n\n\n\n
A team representing the unsecured creditors of Voyager Digital, the bankrupt crypto lender, have asked the former FTX executives \u2013 Sam Bankman-Fried, Samuel Tarbucco, Nishad Singh, Gary Wang, and Caroline Ellison \u2013 to appear before a bankruptcy court this week on questions around the attempted acquisition of the failed crypto lender.<\/p>\n\n\n\n
In July last year, FTX\u00a0 offered<\/a>\u00a0\u2018\u2018an early liquidity\u2019\u2019 <\/em>to the customers of Voyager Digital. The plan was declined by the firm, terming it as a \u2018\u2018low-ball bid dressed up as a white knight rescue.\u2019\u2019<\/em> Binance later acquired the now-bankrupt firm. <\/p>\n\n\n\n
In light of the same, the individuals mentioned above must appear for a remote disposition on February 23, according to a court filing. The same creditors reportedly served similar summons to Bankman-Fried, Ellison, Wang, and FTX\u2019s head of product Ramnic Arora on February 6.<\/p>\n\n\n\n
See Related:<\/strong><\/em> FTX Orders Beneficiaries of Its Political Donations to Return Money \u2013 Estimated at $93 million<\/a><\/p>\n\n\n\n
SBF And His Former Executives To Submit Relevant Documents Before February 20th<\/h2>\n\n\n\n
Besides, the summons,\u00a0 filed<\/a>\u00a0before the US Bankruptcy Court Southern District of New York, have compelled the executives to produce documents and all the relevant information about the loan agreements between Alameda Ventures and Voyager.<\/p>\n\n\n\n
Noteworthy, Alameda Research, FTX\u2019s sister company, sued Voyager Digital last month, seeking to recover more than $400 million in payments made to the lender. FTX paid $442.7 million to Voyager \u2013 the amount it seeks to recover \u2013 on grounds that the payment was close to FTX\u2019s bankruptcy filing. The multiple investigations come amid a warning by bankruptcy Judge Lewis Kaplan that Bankman-Fried\u2019s bail could be revoked for witness tampering.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Crypto-Friendly Bank Silvergate Faces Probe For Dealings With Bankrupt FTX<\/a><\/p>\n","post_title":"FTX\u2019s Former Executives Subpoenaed By Voyager Creditors To Explain Failed Bailout Attempts","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-former-executives-subpoenaed-by-voyager-creditors-to-explain-failed-bailout-attempts","to_ping":"","pinged":"","post_modified":"2023-02-21 12:53:19","post_modified_gmt":"2023-02-21 01:53:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9998","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9513,"post_author":"13","post_date":"2023-01-22 01:37:54","post_date_gmt":"2023-01-21 14:37:54","post_content":"\n
Quick Facts<\/h3>\n\n\n\n
\n
A bulk of the assets are shares held with Robinhood Markets.<\/li>\n\n\n\n
Also listed are unspecified amounts in rival exchange Binance. <\/li>\n<\/ul>\n\n\n\n
The US District Court Southern District of New York published<\/a> a list of assets Friday linked to the former CEO and co-founder of FTX Sam Bankman Fried that have been earmarked for forfeiture, including shares, bank account balances, and cryptocurrencies held in other exchanges. <\/p>\n\n\n\n
Mainly, 55,273,469 shares in Robinhood worth about $526 million, allegedly bought by SBF with stolen funds, make up the bulk of the seized funds. The shares - acquired through Emergent Fidelity Technologies, a shell company created by SBF and his business partner Gary Wang \u2013 were recently at the centre of a tussle between Bankman-Fried, FTX Group, and BlockFi.  <\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Also in the document submitted by the US Attorney Damian Williams is $20.7 million held at ED&F Man Capital Markets and an estimated $50 million at Farmington State Bank. There is also an amount worth $5 million at Silvergate Bank under FTX Digital Markets. <\/p>\n\n\n\n
Part Of The Assets Seized Are Cryptos Held With The Binance Exchange<\/h2>\n\n\n\n
The filing has also listed unspecified amounts in rival crypto exchange Binance and its subsidiary Binance US. Before the event leading to the FTX collapse, Binance had disclosed a rescue plan to help the bankrupt business, which never came through. <\/p>\n\n\n\n
See Related: <\/strong><\/em>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n
The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9289,"post_author":"12","post_date":"2023-01-10 02:17:51","post_date_gmt":"2023-01-09 15:17:51","post_content":"\n
In a Notice of Asset Seizures released<\/a> by the United States Department of Justice, over 55M Robinhood shares were linked to Sam Bankman-Fried and FTX co-founder Gary Wang.<\/p>\n\n\n\n
\n
\"The United States has seized 55,273,469 shares of the stock of Robinhood Markets Inc. and $20,746,713.67 in United States currency (together, the \u201cSeized Assets\u201d) from an account at ED&F Man Capital Markets Inc. pursuant to judicially authorized seizure warrants issued in the Southern District of New York<\/em>,\" states the DOJ.<\/li>\n<\/ul>\n\n\n\n
\n
In this Chapter 11 case, it is noted that the debtors are BlockFi Inc.<\/li>\n<\/ul>\n\n\n\n
\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\nSee Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
Conviction and Ongoing Uncertainty<\/h2>\n\n\n\n
While Bankman-Fried avoids the prospect of a retrial, the uncertainty surrounding the unresolved charges and the impending sentencing continues to keep this high-profile case uncertain, CNBC reported<\/a>. <\/p>\n\n\n\n
The charges against Bankman-Fried include wire fraud and conspiracy to commit wire fraud against FTX's customers and Alameda Research lenders, conspiracy to commit securities fraud, conspiracy to commit commodities fraud against FTX investors, and conspiracy to commit money laundering.<\/p>\n\n\n\n
The trial, which began in early October, witnessed a courtroom drama featuring testimonies from Bankman-Fried's former associates, including Caroline Ellison and Gary Wang, both key figures in FTX. Their cooperation with the prosecution added a layer of complexity to the case.<\/p>\n","post_title":"FTX's Former CEO Sam Bankman-Fried To Skip Second Trial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-former-ceo-sam-bankman-fried-to-skip-second-trial","to_ping":"","pinged":"","post_modified":"2024-01-04 01:25:37","post_modified_gmt":"2024-01-03 14:25:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14827","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9998,"post_author":"13","post_date":"2023-02-21 12:51:59","post_date_gmt":"2023-02-21 01:51:59","post_content":"\n
\n
Before the collapse of FTX, the crypto exchange had proposed to acquire the assets of Voyager Digital.<\/li>\n\n\n\n
The proposal failed, and Binance later got the approval to acquire the crypto lender.<\/li>\n<\/ul>\n\n\n\n
A team representing the unsecured creditors of Voyager Digital, the bankrupt crypto lender, have asked the former FTX executives \u2013 Sam Bankman-Fried, Samuel Tarbucco, Nishad Singh, Gary Wang, and Caroline Ellison \u2013 to appear before a bankruptcy court this week on questions around the attempted acquisition of the failed crypto lender.<\/p>\n\n\n\n
In July last year, FTX\u00a0 offered<\/a>\u00a0\u2018\u2018an early liquidity\u2019\u2019 <\/em>to the customers of Voyager Digital. The plan was declined by the firm, terming it as a \u2018\u2018low-ball bid dressed up as a white knight rescue.\u2019\u2019<\/em> Binance later acquired the now-bankrupt firm. <\/p>\n\n\n\n
In light of the same, the individuals mentioned above must appear for a remote disposition on February 23, according to a court filing. The same creditors reportedly served similar summons to Bankman-Fried, Ellison, Wang, and FTX\u2019s head of product Ramnic Arora on February 6.<\/p>\n\n\n\n
See Related:<\/strong><\/em> FTX Orders Beneficiaries of Its Political Donations to Return Money \u2013 Estimated at $93 million<\/a><\/p>\n\n\n\n
SBF And His Former Executives To Submit Relevant Documents Before February 20th<\/h2>\n\n\n\n
Besides, the summons,\u00a0 filed<\/a>\u00a0before the US Bankruptcy Court Southern District of New York, have compelled the executives to produce documents and all the relevant information about the loan agreements between Alameda Ventures and Voyager.<\/p>\n\n\n\n
Noteworthy, Alameda Research, FTX\u2019s sister company, sued Voyager Digital last month, seeking to recover more than $400 million in payments made to the lender. FTX paid $442.7 million to Voyager \u2013 the amount it seeks to recover \u2013 on grounds that the payment was close to FTX\u2019s bankruptcy filing. The multiple investigations come amid a warning by bankruptcy Judge Lewis Kaplan that Bankman-Fried\u2019s bail could be revoked for witness tampering.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Crypto-Friendly Bank Silvergate Faces Probe For Dealings With Bankrupt FTX<\/a><\/p>\n","post_title":"FTX\u2019s Former Executives Subpoenaed By Voyager Creditors To Explain Failed Bailout Attempts","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-former-executives-subpoenaed-by-voyager-creditors-to-explain-failed-bailout-attempts","to_ping":"","pinged":"","post_modified":"2023-02-21 12:53:19","post_modified_gmt":"2023-02-21 01:53:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9998","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9513,"post_author":"13","post_date":"2023-01-22 01:37:54","post_date_gmt":"2023-01-21 14:37:54","post_content":"\n
Quick Facts<\/h3>\n\n\n\n
\n
A bulk of the assets are shares held with Robinhood Markets.<\/li>\n\n\n\n
Also listed are unspecified amounts in rival exchange Binance. <\/li>\n<\/ul>\n\n\n\n
The US District Court Southern District of New York published<\/a> a list of assets Friday linked to the former CEO and co-founder of FTX Sam Bankman Fried that have been earmarked for forfeiture, including shares, bank account balances, and cryptocurrencies held in other exchanges. <\/p>\n\n\n\n
Mainly, 55,273,469 shares in Robinhood worth about $526 million, allegedly bought by SBF with stolen funds, make up the bulk of the seized funds. The shares - acquired through Emergent Fidelity Technologies, a shell company created by SBF and his business partner Gary Wang \u2013 were recently at the centre of a tussle between Bankman-Fried, FTX Group, and BlockFi.  <\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Also in the document submitted by the US Attorney Damian Williams is $20.7 million held at ED&F Man Capital Markets and an estimated $50 million at Farmington State Bank. There is also an amount worth $5 million at Silvergate Bank under FTX Digital Markets. <\/p>\n\n\n\n
Part Of The Assets Seized Are Cryptos Held With The Binance Exchange<\/h2>\n\n\n\n
The filing has also listed unspecified amounts in rival crypto exchange Binance and its subsidiary Binance US. Before the event leading to the FTX collapse, Binance had disclosed a rescue plan to help the bankrupt business, which never came through. <\/p>\n\n\n\n
See Related: <\/strong><\/em>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n
The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9289,"post_author":"12","post_date":"2023-01-10 02:17:51","post_date_gmt":"2023-01-09 15:17:51","post_content":"\n
In a Notice of Asset Seizures released<\/a> by the United States Department of Justice, over 55M Robinhood shares were linked to Sam Bankman-Fried and FTX co-founder Gary Wang.<\/p>\n\n\n\n
\n
\"The United States has seized 55,273,469 shares of the stock of Robinhood Markets Inc. and $20,746,713.67 in United States currency (together, the \u201cSeized Assets\u201d) from an account at ED&F Man Capital Markets Inc. pursuant to judicially authorized seizure warrants issued in the Southern District of New York<\/em>,\" states the DOJ.<\/li>\n<\/ul>\n\n\n\n
\n
In this Chapter 11 case, it is noted that the debtors are BlockFi Inc.<\/li>\n<\/ul>\n\n\n\n
\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\nSee Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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FTX’s Former CEO Sam Bankman-Fried To Skip Second Trial

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\n
See Related: US Prosecutors Seize $700M in Bank Accounts<\/a><\/p>\n\n\n\n
Conviction and Ongoing Uncertainty<\/h2>\n\n\n\n
While Bankman-Fried avoids the prospect of a retrial, the uncertainty surrounding the unresolved charges and the impending sentencing continues to keep this high-profile case uncertain, CNBC reported<\/a>. <\/p>\n\n\n\n
The charges against Bankman-Fried include wire fraud and conspiracy to commit wire fraud against FTX's customers and Alameda Research lenders, conspiracy to commit securities fraud, conspiracy to commit commodities fraud against FTX investors, and conspiracy to commit money laundering.<\/p>\n\n\n\n
The trial, which began in early October, witnessed a courtroom drama featuring testimonies from Bankman-Fried's former associates, including Caroline Ellison and Gary Wang, both key figures in FTX. Their cooperation with the prosecution added a layer of complexity to the case.<\/p>\n","post_title":"FTX's Former CEO Sam Bankman-Fried To Skip Second Trial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-former-ceo-sam-bankman-fried-to-skip-second-trial","to_ping":"","pinged":"","post_modified":"2024-01-04 01:25:37","post_modified_gmt":"2024-01-03 14:25:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14827","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9998,"post_author":"13","post_date":"2023-02-21 12:51:59","post_date_gmt":"2023-02-21 01:51:59","post_content":"\n
\n
Before the collapse of FTX, the crypto exchange had proposed to acquire the assets of Voyager Digital.<\/li>\n\n\n\n
The proposal failed, and Binance later got the approval to acquire the crypto lender.<\/li>\n<\/ul>\n\n\n\n
A team representing the unsecured creditors of Voyager Digital, the bankrupt crypto lender, have asked the former FTX executives \u2013 Sam Bankman-Fried, Samuel Tarbucco, Nishad Singh, Gary Wang, and Caroline Ellison \u2013 to appear before a bankruptcy court this week on questions around the attempted acquisition of the failed crypto lender.<\/p>\n\n\n\n
In July last year, FTX\u00a0 offered<\/a>\u00a0\u2018\u2018an early liquidity\u2019\u2019 <\/em>to the customers of Voyager Digital. The plan was declined by the firm, terming it as a \u2018\u2018low-ball bid dressed up as a white knight rescue.\u2019\u2019<\/em> Binance later acquired the now-bankrupt firm. <\/p>\n\n\n\n
In light of the same, the individuals mentioned above must appear for a remote disposition on February 23, according to a court filing. The same creditors reportedly served similar summons to Bankman-Fried, Ellison, Wang, and FTX\u2019s head of product Ramnic Arora on February 6.<\/p>\n\n\n\n
See Related:<\/strong><\/em> FTX Orders Beneficiaries of Its Political Donations to Return Money \u2013 Estimated at $93 million<\/a><\/p>\n\n\n\n
SBF And His Former Executives To Submit Relevant Documents Before February 20th<\/h2>\n\n\n\n
Besides, the summons,\u00a0 filed<\/a>\u00a0before the US Bankruptcy Court Southern District of New York, have compelled the executives to produce documents and all the relevant information about the loan agreements between Alameda Ventures and Voyager.<\/p>\n\n\n\n
Noteworthy, Alameda Research, FTX\u2019s sister company, sued Voyager Digital last month, seeking to recover more than $400 million in payments made to the lender. FTX paid $442.7 million to Voyager \u2013 the amount it seeks to recover \u2013 on grounds that the payment was close to FTX\u2019s bankruptcy filing. The multiple investigations come amid a warning by bankruptcy Judge Lewis Kaplan that Bankman-Fried\u2019s bail could be revoked for witness tampering.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Crypto-Friendly Bank Silvergate Faces Probe For Dealings With Bankrupt FTX<\/a><\/p>\n","post_title":"FTX\u2019s Former Executives Subpoenaed By Voyager Creditors To Explain Failed Bailout Attempts","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-former-executives-subpoenaed-by-voyager-creditors-to-explain-failed-bailout-attempts","to_ping":"","pinged":"","post_modified":"2023-02-21 12:53:19","post_modified_gmt":"2023-02-21 01:53:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9998","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9513,"post_author":"13","post_date":"2023-01-22 01:37:54","post_date_gmt":"2023-01-21 14:37:54","post_content":"\n
Quick Facts<\/h3>\n\n\n\n
\n
A bulk of the assets are shares held with Robinhood Markets.<\/li>\n\n\n\n
Also listed are unspecified amounts in rival exchange Binance. <\/li>\n<\/ul>\n\n\n\n
The US District Court Southern District of New York published<\/a> a list of assets Friday linked to the former CEO and co-founder of FTX Sam Bankman Fried that have been earmarked for forfeiture, including shares, bank account balances, and cryptocurrencies held in other exchanges. <\/p>\n\n\n\n
Mainly, 55,273,469 shares in Robinhood worth about $526 million, allegedly bought by SBF with stolen funds, make up the bulk of the seized funds. The shares - acquired through Emergent Fidelity Technologies, a shell company created by SBF and his business partner Gary Wang \u2013 were recently at the centre of a tussle between Bankman-Fried, FTX Group, and BlockFi.  <\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Also in the document submitted by the US Attorney Damian Williams is $20.7 million held at ED&F Man Capital Markets and an estimated $50 million at Farmington State Bank. There is also an amount worth $5 million at Silvergate Bank under FTX Digital Markets. <\/p>\n\n\n\n
Part Of The Assets Seized Are Cryptos Held With The Binance Exchange<\/h2>\n\n\n\n
The filing has also listed unspecified amounts in rival crypto exchange Binance and its subsidiary Binance US. Before the event leading to the FTX collapse, Binance had disclosed a rescue plan to help the bankrupt business, which never came through. <\/p>\n\n\n\n
See Related: <\/strong><\/em>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n
The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9289,"post_author":"12","post_date":"2023-01-10 02:17:51","post_date_gmt":"2023-01-09 15:17:51","post_content":"\n
In a Notice of Asset Seizures released<\/a> by the United States Department of Justice, over 55M Robinhood shares were linked to Sam Bankman-Fried and FTX co-founder Gary Wang.<\/p>\n\n\n\n
\n
\"The United States has seized 55,273,469 shares of the stock of Robinhood Markets Inc. and $20,746,713.67 in United States currency (together, the \u201cSeized Assets\u201d) from an account at ED&F Man Capital Markets Inc. pursuant to judicially authorized seizure warrants issued in the Southern District of New York<\/em>,\" states the DOJ.<\/li>\n<\/ul>\n\n\n\n
\n
In this Chapter 11 case, it is noted that the debtors are BlockFi Inc.<\/li>\n<\/ul>\n\n\n\n
\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\nSee Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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FTX’s Former CEO Sam Bankman-Fried To Skip Second Trial

January 4, 2024

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Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

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November 24, 2024

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By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

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ADVERTISEMENT

\n
However, additional charges, including campaign finance violations, conspiracy to commit bribery, and operating an unlicensed money-transmitting business, had been initially removed from the first trial. The decision to forego a second trial marks a crucial turn in the legal saga surrounding Bankman-Fried, yet unresolved aspects of the case linger.<\/p>\n\n\n\n
See Related: US Prosecutors Seize $700M in Bank Accounts<\/a><\/p>\n\n\n\n
Conviction and Ongoing Uncertainty<\/h2>\n\n\n\n
While Bankman-Fried avoids the prospect of a retrial, the uncertainty surrounding the unresolved charges and the impending sentencing continues to keep this high-profile case uncertain, CNBC reported<\/a>. <\/p>\n\n\n\n
The charges against Bankman-Fried include wire fraud and conspiracy to commit wire fraud against FTX's customers and Alameda Research lenders, conspiracy to commit securities fraud, conspiracy to commit commodities fraud against FTX investors, and conspiracy to commit money laundering.<\/p>\n\n\n\n
The trial, which began in early October, witnessed a courtroom drama featuring testimonies from Bankman-Fried's former associates, including Caroline Ellison and Gary Wang, both key figures in FTX. Their cooperation with the prosecution added a layer of complexity to the case.<\/p>\n","post_title":"FTX's Former CEO Sam Bankman-Fried To Skip Second Trial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-former-ceo-sam-bankman-fried-to-skip-second-trial","to_ping":"","pinged":"","post_modified":"2024-01-04 01:25:37","post_modified_gmt":"2024-01-03 14:25:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14827","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9998,"post_author":"13","post_date":"2023-02-21 12:51:59","post_date_gmt":"2023-02-21 01:51:59","post_content":"\n
\n
Before the collapse of FTX, the crypto exchange had proposed to acquire the assets of Voyager Digital.<\/li>\n\n\n\n
The proposal failed, and Binance later got the approval to acquire the crypto lender.<\/li>\n<\/ul>\n\n\n\n
A team representing the unsecured creditors of Voyager Digital, the bankrupt crypto lender, have asked the former FTX executives \u2013 Sam Bankman-Fried, Samuel Tarbucco, Nishad Singh, Gary Wang, and Caroline Ellison \u2013 to appear before a bankruptcy court this week on questions around the attempted acquisition of the failed crypto lender.<\/p>\n\n\n\n
In July last year, FTX\u00a0 offered<\/a>\u00a0\u2018\u2018an early liquidity\u2019\u2019 <\/em>to the customers of Voyager Digital. The plan was declined by the firm, terming it as a \u2018\u2018low-ball bid dressed up as a white knight rescue.\u2019\u2019<\/em> Binance later acquired the now-bankrupt firm. <\/p>\n\n\n\n
In light of the same, the individuals mentioned above must appear for a remote disposition on February 23, according to a court filing. The same creditors reportedly served similar summons to Bankman-Fried, Ellison, Wang, and FTX\u2019s head of product Ramnic Arora on February 6.<\/p>\n\n\n\n
See Related:<\/strong><\/em> FTX Orders Beneficiaries of Its Political Donations to Return Money \u2013 Estimated at $93 million<\/a><\/p>\n\n\n\n
SBF And His Former Executives To Submit Relevant Documents Before February 20th<\/h2>\n\n\n\n
Besides, the summons,\u00a0 filed<\/a>\u00a0before the US Bankruptcy Court Southern District of New York, have compelled the executives to produce documents and all the relevant information about the loan agreements between Alameda Ventures and Voyager.<\/p>\n\n\n\n
Noteworthy, Alameda Research, FTX\u2019s sister company, sued Voyager Digital last month, seeking to recover more than $400 million in payments made to the lender. FTX paid $442.7 million to Voyager \u2013 the amount it seeks to recover \u2013 on grounds that the payment was close to FTX\u2019s bankruptcy filing. The multiple investigations come amid a warning by bankruptcy Judge Lewis Kaplan that Bankman-Fried\u2019s bail could be revoked for witness tampering.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Crypto-Friendly Bank Silvergate Faces Probe For Dealings With Bankrupt FTX<\/a><\/p>\n","post_title":"FTX\u2019s Former Executives Subpoenaed By Voyager Creditors To Explain Failed Bailout Attempts","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-former-executives-subpoenaed-by-voyager-creditors-to-explain-failed-bailout-attempts","to_ping":"","pinged":"","post_modified":"2023-02-21 12:53:19","post_modified_gmt":"2023-02-21 01:53:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9998","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9513,"post_author":"13","post_date":"2023-01-22 01:37:54","post_date_gmt":"2023-01-21 14:37:54","post_content":"\n
Quick Facts<\/h3>\n\n\n\n
\n
A bulk of the assets are shares held with Robinhood Markets.<\/li>\n\n\n\n
Also listed are unspecified amounts in rival exchange Binance. <\/li>\n<\/ul>\n\n\n\n
The US District Court Southern District of New York published<\/a> a list of assets Friday linked to the former CEO and co-founder of FTX Sam Bankman Fried that have been earmarked for forfeiture, including shares, bank account balances, and cryptocurrencies held in other exchanges. <\/p>\n\n\n\n
Mainly, 55,273,469 shares in Robinhood worth about $526 million, allegedly bought by SBF with stolen funds, make up the bulk of the seized funds. The shares - acquired through Emergent Fidelity Technologies, a shell company created by SBF and his business partner Gary Wang \u2013 were recently at the centre of a tussle between Bankman-Fried, FTX Group, and BlockFi.  <\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Also in the document submitted by the US Attorney Damian Williams is $20.7 million held at ED&F Man Capital Markets and an estimated $50 million at Farmington State Bank. There is also an amount worth $5 million at Silvergate Bank under FTX Digital Markets. <\/p>\n\n\n\n
Part Of The Assets Seized Are Cryptos Held With The Binance Exchange<\/h2>\n\n\n\n
The filing has also listed unspecified amounts in rival crypto exchange Binance and its subsidiary Binance US. Before the event leading to the FTX collapse, Binance had disclosed a rescue plan to help the bankrupt business, which never came through. <\/p>\n\n\n\n
See Related: <\/strong><\/em>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n
The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9289,"post_author":"12","post_date":"2023-01-10 02:17:51","post_date_gmt":"2023-01-09 15:17:51","post_content":"\n
In a Notice of Asset Seizures released<\/a> by the United States Department of Justice, over 55M Robinhood shares were linked to Sam Bankman-Fried and FTX co-founder Gary Wang.<\/p>\n\n\n\n
\n
\"The United States has seized 55,273,469 shares of the stock of Robinhood Markets Inc. and $20,746,713.67 in United States currency (together, the \u201cSeized Assets\u201d) from an account at ED&F Man Capital Markets Inc. pursuant to judicially authorized seizure warrants issued in the Southern District of New York<\/em>,\" states the DOJ.<\/li>\n<\/ul>\n\n\n\n
\n
In this Chapter 11 case, it is noted that the debtors are BlockFi Inc.<\/li>\n<\/ul>\n\n\n\n
\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\nSee Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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FTX’s Former CEO Sam Bankman-Fried To Skip Second Trial

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\n
The earlier trial, culminating on November 2, resulted in Bankman-Fried's conviction on all seven counts of fraud and conspiracy leveled against him. Prosecutors had accused Bankman-Fried of siphoning a staggering $8 billion from FTX's customers. This verdict could lead to a potential prison sentence of 115 years for the former cryptocurrency tycoon.<\/p>\n\n\n\n
However, additional charges, including campaign finance violations, conspiracy to commit bribery, and operating an unlicensed money-transmitting business, had been initially removed from the first trial. The decision to forego a second trial marks a crucial turn in the legal saga surrounding Bankman-Fried, yet unresolved aspects of the case linger.<\/p>\n\n\n\n
See Related: US Prosecutors Seize $700M in Bank Accounts<\/a><\/p>\n\n\n\n
Conviction and Ongoing Uncertainty<\/h2>\n\n\n\n
While Bankman-Fried avoids the prospect of a retrial, the uncertainty surrounding the unresolved charges and the impending sentencing continues to keep this high-profile case uncertain, CNBC reported<\/a>. <\/p>\n\n\n\n
The charges against Bankman-Fried include wire fraud and conspiracy to commit wire fraud against FTX's customers and Alameda Research lenders, conspiracy to commit securities fraud, conspiracy to commit commodities fraud against FTX investors, and conspiracy to commit money laundering.<\/p>\n\n\n\n
The trial, which began in early October, witnessed a courtroom drama featuring testimonies from Bankman-Fried's former associates, including Caroline Ellison and Gary Wang, both key figures in FTX. Their cooperation with the prosecution added a layer of complexity to the case.<\/p>\n","post_title":"FTX's Former CEO Sam Bankman-Fried To Skip Second Trial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-former-ceo-sam-bankman-fried-to-skip-second-trial","to_ping":"","pinged":"","post_modified":"2024-01-04 01:25:37","post_modified_gmt":"2024-01-03 14:25:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14827","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9998,"post_author":"13","post_date":"2023-02-21 12:51:59","post_date_gmt":"2023-02-21 01:51:59","post_content":"\n
\n
Before the collapse of FTX, the crypto exchange had proposed to acquire the assets of Voyager Digital.<\/li>\n\n\n\n
The proposal failed, and Binance later got the approval to acquire the crypto lender.<\/li>\n<\/ul>\n\n\n\n
A team representing the unsecured creditors of Voyager Digital, the bankrupt crypto lender, have asked the former FTX executives \u2013 Sam Bankman-Fried, Samuel Tarbucco, Nishad Singh, Gary Wang, and Caroline Ellison \u2013 to appear before a bankruptcy court this week on questions around the attempted acquisition of the failed crypto lender.<\/p>\n\n\n\n
In July last year, FTX\u00a0 offered<\/a>\u00a0\u2018\u2018an early liquidity\u2019\u2019 <\/em>to the customers of Voyager Digital. The plan was declined by the firm, terming it as a \u2018\u2018low-ball bid dressed up as a white knight rescue.\u2019\u2019<\/em> Binance later acquired the now-bankrupt firm. <\/p>\n\n\n\n
In light of the same, the individuals mentioned above must appear for a remote disposition on February 23, according to a court filing. The same creditors reportedly served similar summons to Bankman-Fried, Ellison, Wang, and FTX\u2019s head of product Ramnic Arora on February 6.<\/p>\n\n\n\n
See Related:<\/strong><\/em> FTX Orders Beneficiaries of Its Political Donations to Return Money \u2013 Estimated at $93 million<\/a><\/p>\n\n\n\n
SBF And His Former Executives To Submit Relevant Documents Before February 20th<\/h2>\n\n\n\n
Besides, the summons,\u00a0 filed<\/a>\u00a0before the US Bankruptcy Court Southern District of New York, have compelled the executives to produce documents and all the relevant information about the loan agreements between Alameda Ventures and Voyager.<\/p>\n\n\n\n
Noteworthy, Alameda Research, FTX\u2019s sister company, sued Voyager Digital last month, seeking to recover more than $400 million in payments made to the lender. FTX paid $442.7 million to Voyager \u2013 the amount it seeks to recover \u2013 on grounds that the payment was close to FTX\u2019s bankruptcy filing. The multiple investigations come amid a warning by bankruptcy Judge Lewis Kaplan that Bankman-Fried\u2019s bail could be revoked for witness tampering.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Crypto-Friendly Bank Silvergate Faces Probe For Dealings With Bankrupt FTX<\/a><\/p>\n","post_title":"FTX\u2019s Former Executives Subpoenaed By Voyager Creditors To Explain Failed Bailout Attempts","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-former-executives-subpoenaed-by-voyager-creditors-to-explain-failed-bailout-attempts","to_ping":"","pinged":"","post_modified":"2023-02-21 12:53:19","post_modified_gmt":"2023-02-21 01:53:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9998","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9513,"post_author":"13","post_date":"2023-01-22 01:37:54","post_date_gmt":"2023-01-21 14:37:54","post_content":"\n
Quick Facts<\/h3>\n\n\n\n
\n
A bulk of the assets are shares held with Robinhood Markets.<\/li>\n\n\n\n
Also listed are unspecified amounts in rival exchange Binance. <\/li>\n<\/ul>\n\n\n\n
The US District Court Southern District of New York published<\/a> a list of assets Friday linked to the former CEO and co-founder of FTX Sam Bankman Fried that have been earmarked for forfeiture, including shares, bank account balances, and cryptocurrencies held in other exchanges. <\/p>\n\n\n\n
Mainly, 55,273,469 shares in Robinhood worth about $526 million, allegedly bought by SBF with stolen funds, make up the bulk of the seized funds. The shares - acquired through Emergent Fidelity Technologies, a shell company created by SBF and his business partner Gary Wang \u2013 were recently at the centre of a tussle between Bankman-Fried, FTX Group, and BlockFi.  <\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Also in the document submitted by the US Attorney Damian Williams is $20.7 million held at ED&F Man Capital Markets and an estimated $50 million at Farmington State Bank. There is also an amount worth $5 million at Silvergate Bank under FTX Digital Markets. <\/p>\n\n\n\n
Part Of The Assets Seized Are Cryptos Held With The Binance Exchange<\/h2>\n\n\n\n
The filing has also listed unspecified amounts in rival crypto exchange Binance and its subsidiary Binance US. Before the event leading to the FTX collapse, Binance had disclosed a rescue plan to help the bankrupt business, which never came through. <\/p>\n\n\n\n
See Related: <\/strong><\/em>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n
The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9289,"post_author":"12","post_date":"2023-01-10 02:17:51","post_date_gmt":"2023-01-09 15:17:51","post_content":"\n
In a Notice of Asset Seizures released<\/a> by the United States Department of Justice, over 55M Robinhood shares were linked to Sam Bankman-Fried and FTX co-founder Gary Wang.<\/p>\n\n\n\n
\n
\"The United States has seized 55,273,469 shares of the stock of Robinhood Markets Inc. and $20,746,713.67 in United States currency (together, the \u201cSeized Assets\u201d) from an account at ED&F Man Capital Markets Inc. pursuant to judicially authorized seizure warrants issued in the Southern District of New York<\/em>,\" states the DOJ.<\/li>\n<\/ul>\n\n\n\n
\n
In this Chapter 11 case, it is noted that the debtors are BlockFi Inc.<\/li>\n<\/ul>\n\n\n\n
\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\nSee Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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FTX’s Former CEO Sam Bankman-Fried To Skip Second Trial

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Type your email here

Follow The Distributed

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ADVERTISEMENT

\n
This decision, outlined in a filed letter at the federal court in Manhattan, aims to expedite the resolution<\/a> ahead of Bankman-Fried's scheduled sentencing on March 28, 2024.<\/p>\n\n\n\n
The earlier trial, culminating on November 2, resulted in Bankman-Fried's conviction on all seven counts of fraud and conspiracy leveled against him. Prosecutors had accused Bankman-Fried of siphoning a staggering $8 billion from FTX's customers. This verdict could lead to a potential prison sentence of 115 years for the former cryptocurrency tycoon.<\/p>\n\n\n\n
However, additional charges, including campaign finance violations, conspiracy to commit bribery, and operating an unlicensed money-transmitting business, had been initially removed from the first trial. The decision to forego a second trial marks a crucial turn in the legal saga surrounding Bankman-Fried, yet unresolved aspects of the case linger.<\/p>\n\n\n\n
See Related: US Prosecutors Seize $700M in Bank Accounts<\/a><\/p>\n\n\n\n
Conviction and Ongoing Uncertainty<\/h2>\n\n\n\n
While Bankman-Fried avoids the prospect of a retrial, the uncertainty surrounding the unresolved charges and the impending sentencing continues to keep this high-profile case uncertain, CNBC reported<\/a>. <\/p>\n\n\n\n
The charges against Bankman-Fried include wire fraud and conspiracy to commit wire fraud against FTX's customers and Alameda Research lenders, conspiracy to commit securities fraud, conspiracy to commit commodities fraud against FTX investors, and conspiracy to commit money laundering.<\/p>\n\n\n\n
The trial, which began in early October, witnessed a courtroom drama featuring testimonies from Bankman-Fried's former associates, including Caroline Ellison and Gary Wang, both key figures in FTX. Their cooperation with the prosecution added a layer of complexity to the case.<\/p>\n","post_title":"FTX's Former CEO Sam Bankman-Fried To Skip Second Trial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-former-ceo-sam-bankman-fried-to-skip-second-trial","to_ping":"","pinged":"","post_modified":"2024-01-04 01:25:37","post_modified_gmt":"2024-01-03 14:25:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14827","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9998,"post_author":"13","post_date":"2023-02-21 12:51:59","post_date_gmt":"2023-02-21 01:51:59","post_content":"\n
\n
Before the collapse of FTX, the crypto exchange had proposed to acquire the assets of Voyager Digital.<\/li>\n\n\n\n
The proposal failed, and Binance later got the approval to acquire the crypto lender.<\/li>\n<\/ul>\n\n\n\n
A team representing the unsecured creditors of Voyager Digital, the bankrupt crypto lender, have asked the former FTX executives \u2013 Sam Bankman-Fried, Samuel Tarbucco, Nishad Singh, Gary Wang, and Caroline Ellison \u2013 to appear before a bankruptcy court this week on questions around the attempted acquisition of the failed crypto lender.<\/p>\n\n\n\n
In July last year, FTX\u00a0 offered<\/a>\u00a0\u2018\u2018an early liquidity\u2019\u2019 <\/em>to the customers of Voyager Digital. The plan was declined by the firm, terming it as a \u2018\u2018low-ball bid dressed up as a white knight rescue.\u2019\u2019<\/em> Binance later acquired the now-bankrupt firm. <\/p>\n\n\n\n
In light of the same, the individuals mentioned above must appear for a remote disposition on February 23, according to a court filing. The same creditors reportedly served similar summons to Bankman-Fried, Ellison, Wang, and FTX\u2019s head of product Ramnic Arora on February 6.<\/p>\n\n\n\n
See Related:<\/strong><\/em> FTX Orders Beneficiaries of Its Political Donations to Return Money \u2013 Estimated at $93 million<\/a><\/p>\n\n\n\n
SBF And His Former Executives To Submit Relevant Documents Before February 20th<\/h2>\n\n\n\n
Besides, the summons,\u00a0 filed<\/a>\u00a0before the US Bankruptcy Court Southern District of New York, have compelled the executives to produce documents and all the relevant information about the loan agreements between Alameda Ventures and Voyager.<\/p>\n\n\n\n
Noteworthy, Alameda Research, FTX\u2019s sister company, sued Voyager Digital last month, seeking to recover more than $400 million in payments made to the lender. FTX paid $442.7 million to Voyager \u2013 the amount it seeks to recover \u2013 on grounds that the payment was close to FTX\u2019s bankruptcy filing. The multiple investigations come amid a warning by bankruptcy Judge Lewis Kaplan that Bankman-Fried\u2019s bail could be revoked for witness tampering.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Crypto-Friendly Bank Silvergate Faces Probe For Dealings With Bankrupt FTX<\/a><\/p>\n","post_title":"FTX\u2019s Former Executives Subpoenaed By Voyager Creditors To Explain Failed Bailout Attempts","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-former-executives-subpoenaed-by-voyager-creditors-to-explain-failed-bailout-attempts","to_ping":"","pinged":"","post_modified":"2023-02-21 12:53:19","post_modified_gmt":"2023-02-21 01:53:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9998","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9513,"post_author":"13","post_date":"2023-01-22 01:37:54","post_date_gmt":"2023-01-21 14:37:54","post_content":"\n
Quick Facts<\/h3>\n\n\n\n
\n
A bulk of the assets are shares held with Robinhood Markets.<\/li>\n\n\n\n
Also listed are unspecified amounts in rival exchange Binance. <\/li>\n<\/ul>\n\n\n\n
The US District Court Southern District of New York published<\/a> a list of assets Friday linked to the former CEO and co-founder of FTX Sam Bankman Fried that have been earmarked for forfeiture, including shares, bank account balances, and cryptocurrencies held in other exchanges. <\/p>\n\n\n\n
Mainly, 55,273,469 shares in Robinhood worth about $526 million, allegedly bought by SBF with stolen funds, make up the bulk of the seized funds. The shares - acquired through Emergent Fidelity Technologies, a shell company created by SBF and his business partner Gary Wang \u2013 were recently at the centre of a tussle between Bankman-Fried, FTX Group, and BlockFi.  <\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Also in the document submitted by the US Attorney Damian Williams is $20.7 million held at ED&F Man Capital Markets and an estimated $50 million at Farmington State Bank. There is also an amount worth $5 million at Silvergate Bank under FTX Digital Markets. <\/p>\n\n\n\n
Part Of The Assets Seized Are Cryptos Held With The Binance Exchange<\/h2>\n\n\n\n
The filing has also listed unspecified amounts in rival crypto exchange Binance and its subsidiary Binance US. Before the event leading to the FTX collapse, Binance had disclosed a rescue plan to help the bankrupt business, which never came through. <\/p>\n\n\n\n
See Related: <\/strong><\/em>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n
The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9289,"post_author":"12","post_date":"2023-01-10 02:17:51","post_date_gmt":"2023-01-09 15:17:51","post_content":"\n
In a Notice of Asset Seizures released<\/a> by the United States Department of Justice, over 55M Robinhood shares were linked to Sam Bankman-Fried and FTX co-founder Gary Wang.<\/p>\n\n\n\n
\n
\"The United States has seized 55,273,469 shares of the stock of Robinhood Markets Inc. and $20,746,713.67 in United States currency (together, the \u201cSeized Assets\u201d) from an account at ED&F Man Capital Markets Inc. pursuant to judicially authorized seizure warrants issued in the Southern District of New York<\/em>,\" states the DOJ.<\/li>\n<\/ul>\n\n\n\n
\n
In this Chapter 11 case, it is noted that the debtors are BlockFi Inc.<\/li>\n<\/ul>\n\n\n\n
\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\nSee Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
The US prosecutors have decided not to pursue a second trial against the former CEO of FTX, Sam Bankman-Fried. Prosecutors conveyed their stance, emphasizing the \"strong public interest\" in swiftly resolving the case against Bankman-Fried, Reuters<\/em> reported.<\/p>\n\n\n\n
This decision, outlined in a filed letter at the federal court in Manhattan, aims to expedite the resolution<\/a> ahead of Bankman-Fried's scheduled sentencing on March 28, 2024.<\/p>\n\n\n\n
The earlier trial, culminating on November 2, resulted in Bankman-Fried's conviction on all seven counts of fraud and conspiracy leveled against him. Prosecutors had accused Bankman-Fried of siphoning a staggering $8 billion from FTX's customers. This verdict could lead to a potential prison sentence of 115 years for the former cryptocurrency tycoon.<\/p>\n\n\n\n
However, additional charges, including campaign finance violations, conspiracy to commit bribery, and operating an unlicensed money-transmitting business, had been initially removed from the first trial. The decision to forego a second trial marks a crucial turn in the legal saga surrounding Bankman-Fried, yet unresolved aspects of the case linger.<\/p>\n\n\n\n
See Related: US Prosecutors Seize $700M in Bank Accounts<\/a><\/p>\n\n\n\n
Conviction and Ongoing Uncertainty<\/h2>\n\n\n\n
While Bankman-Fried avoids the prospect of a retrial, the uncertainty surrounding the unresolved charges and the impending sentencing continues to keep this high-profile case uncertain, CNBC reported<\/a>. <\/p>\n\n\n\n
The charges against Bankman-Fried include wire fraud and conspiracy to commit wire fraud against FTX's customers and Alameda Research lenders, conspiracy to commit securities fraud, conspiracy to commit commodities fraud against FTX investors, and conspiracy to commit money laundering.<\/p>\n\n\n\n
The trial, which began in early October, witnessed a courtroom drama featuring testimonies from Bankman-Fried's former associates, including Caroline Ellison and Gary Wang, both key figures in FTX. Their cooperation with the prosecution added a layer of complexity to the case.<\/p>\n","post_title":"FTX's Former CEO Sam Bankman-Fried To Skip Second Trial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-former-ceo-sam-bankman-fried-to-skip-second-trial","to_ping":"","pinged":"","post_modified":"2024-01-04 01:25:37","post_modified_gmt":"2024-01-03 14:25:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14827","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9998,"post_author":"13","post_date":"2023-02-21 12:51:59","post_date_gmt":"2023-02-21 01:51:59","post_content":"\n
\n
Before the collapse of FTX, the crypto exchange had proposed to acquire the assets of Voyager Digital.<\/li>\n\n\n\n
The proposal failed, and Binance later got the approval to acquire the crypto lender.<\/li>\n<\/ul>\n\n\n\n
A team representing the unsecured creditors of Voyager Digital, the bankrupt crypto lender, have asked the former FTX executives \u2013 Sam Bankman-Fried, Samuel Tarbucco, Nishad Singh, Gary Wang, and Caroline Ellison \u2013 to appear before a bankruptcy court this week on questions around the attempted acquisition of the failed crypto lender.<\/p>\n\n\n\n
In July last year, FTX\u00a0 offered<\/a>\u00a0\u2018\u2018an early liquidity\u2019\u2019 <\/em>to the customers of Voyager Digital. The plan was declined by the firm, terming it as a \u2018\u2018low-ball bid dressed up as a white knight rescue.\u2019\u2019<\/em> Binance later acquired the now-bankrupt firm. <\/p>\n\n\n\n
In light of the same, the individuals mentioned above must appear for a remote disposition on February 23, according to a court filing. The same creditors reportedly served similar summons to Bankman-Fried, Ellison, Wang, and FTX\u2019s head of product Ramnic Arora on February 6.<\/p>\n\n\n\n
See Related:<\/strong><\/em> FTX Orders Beneficiaries of Its Political Donations to Return Money \u2013 Estimated at $93 million<\/a><\/p>\n\n\n\n
SBF And His Former Executives To Submit Relevant Documents Before February 20th<\/h2>\n\n\n\n
Besides, the summons,\u00a0 filed<\/a>\u00a0before the US Bankruptcy Court Southern District of New York, have compelled the executives to produce documents and all the relevant information about the loan agreements between Alameda Ventures and Voyager.<\/p>\n\n\n\n
Noteworthy, Alameda Research, FTX\u2019s sister company, sued Voyager Digital last month, seeking to recover more than $400 million in payments made to the lender. FTX paid $442.7 million to Voyager \u2013 the amount it seeks to recover \u2013 on grounds that the payment was close to FTX\u2019s bankruptcy filing. The multiple investigations come amid a warning by bankruptcy Judge Lewis Kaplan that Bankman-Fried\u2019s bail could be revoked for witness tampering.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Crypto-Friendly Bank Silvergate Faces Probe For Dealings With Bankrupt FTX<\/a><\/p>\n","post_title":"FTX\u2019s Former Executives Subpoenaed By Voyager Creditors To Explain Failed Bailout Attempts","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-former-executives-subpoenaed-by-voyager-creditors-to-explain-failed-bailout-attempts","to_ping":"","pinged":"","post_modified":"2023-02-21 12:53:19","post_modified_gmt":"2023-02-21 01:53:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9998","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9513,"post_author":"13","post_date":"2023-01-22 01:37:54","post_date_gmt":"2023-01-21 14:37:54","post_content":"\n
Quick Facts<\/h3>\n\n\n\n
\n
A bulk of the assets are shares held with Robinhood Markets.<\/li>\n\n\n\n
Also listed are unspecified amounts in rival exchange Binance. <\/li>\n<\/ul>\n\n\n\n
The US District Court Southern District of New York published<\/a> a list of assets Friday linked to the former CEO and co-founder of FTX Sam Bankman Fried that have been earmarked for forfeiture, including shares, bank account balances, and cryptocurrencies held in other exchanges. <\/p>\n\n\n\n
Mainly, 55,273,469 shares in Robinhood worth about $526 million, allegedly bought by SBF with stolen funds, make up the bulk of the seized funds. The shares - acquired through Emergent Fidelity Technologies, a shell company created by SBF and his business partner Gary Wang \u2013 were recently at the centre of a tussle between Bankman-Fried, FTX Group, and BlockFi.  <\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Also in the document submitted by the US Attorney Damian Williams is $20.7 million held at ED&F Man Capital Markets and an estimated $50 million at Farmington State Bank. There is also an amount worth $5 million at Silvergate Bank under FTX Digital Markets. <\/p>\n\n\n\n
Part Of The Assets Seized Are Cryptos Held With The Binance Exchange<\/h2>\n\n\n\n
The filing has also listed unspecified amounts in rival crypto exchange Binance and its subsidiary Binance US. Before the event leading to the FTX collapse, Binance had disclosed a rescue plan to help the bankrupt business, which never came through. <\/p>\n\n\n\n
See Related: <\/strong><\/em>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n
The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9289,"post_author":"12","post_date":"2023-01-10 02:17:51","post_date_gmt":"2023-01-09 15:17:51","post_content":"\n
In a Notice of Asset Seizures released<\/a> by the United States Department of Justice, over 55M Robinhood shares were linked to Sam Bankman-Fried and FTX co-founder Gary Wang.<\/p>\n\n\n\n
\n
\"The United States has seized 55,273,469 shares of the stock of Robinhood Markets Inc. and $20,746,713.67 in United States currency (together, the \u201cSeized Assets\u201d) from an account at ED&F Man Capital Markets Inc. pursuant to judicially authorized seizure warrants issued in the Southern District of New York<\/em>,\" states the DOJ.<\/li>\n<\/ul>\n\n\n\n
\n
In this Chapter 11 case, it is noted that the debtors are BlockFi Inc.<\/li>\n<\/ul>\n\n\n\n
\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\nSee Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
His initial trial did not cover extra charges like campaign finance violations.<\/li>\n<\/ul>\n\n\n\n
The US prosecutors have decided not to pursue a second trial against the former CEO of FTX, Sam Bankman-Fried. Prosecutors conveyed their stance, emphasizing the \"strong public interest\" in swiftly resolving the case against Bankman-Fried, Reuters<\/em> reported.<\/p>\n\n\n\n
This decision, outlined in a filed letter at the federal court in Manhattan, aims to expedite the resolution<\/a> ahead of Bankman-Fried's scheduled sentencing on March 28, 2024.<\/p>\n\n\n\n
The earlier trial, culminating on November 2, resulted in Bankman-Fried's conviction on all seven counts of fraud and conspiracy leveled against him. Prosecutors had accused Bankman-Fried of siphoning a staggering $8 billion from FTX's customers. This verdict could lead to a potential prison sentence of 115 years for the former cryptocurrency tycoon.<\/p>\n\n\n\n
However, additional charges, including campaign finance violations, conspiracy to commit bribery, and operating an unlicensed money-transmitting business, had been initially removed from the first trial. The decision to forego a second trial marks a crucial turn in the legal saga surrounding Bankman-Fried, yet unresolved aspects of the case linger.<\/p>\n\n\n\n
See Related: US Prosecutors Seize $700M in Bank Accounts<\/a><\/p>\n\n\n\n
Conviction and Ongoing Uncertainty<\/h2>\n\n\n\n
While Bankman-Fried avoids the prospect of a retrial, the uncertainty surrounding the unresolved charges and the impending sentencing continues to keep this high-profile case uncertain, CNBC reported<\/a>. <\/p>\n\n\n\n
The charges against Bankman-Fried include wire fraud and conspiracy to commit wire fraud against FTX's customers and Alameda Research lenders, conspiracy to commit securities fraud, conspiracy to commit commodities fraud against FTX investors, and conspiracy to commit money laundering.<\/p>\n\n\n\n
The trial, which began in early October, witnessed a courtroom drama featuring testimonies from Bankman-Fried's former associates, including Caroline Ellison and Gary Wang, both key figures in FTX. Their cooperation with the prosecution added a layer of complexity to the case.<\/p>\n","post_title":"FTX's Former CEO Sam Bankman-Fried To Skip Second Trial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-former-ceo-sam-bankman-fried-to-skip-second-trial","to_ping":"","pinged":"","post_modified":"2024-01-04 01:25:37","post_modified_gmt":"2024-01-03 14:25:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14827","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9998,"post_author":"13","post_date":"2023-02-21 12:51:59","post_date_gmt":"2023-02-21 01:51:59","post_content":"\n
\n
Before the collapse of FTX, the crypto exchange had proposed to acquire the assets of Voyager Digital.<\/li>\n\n\n\n
The proposal failed, and Binance later got the approval to acquire the crypto lender.<\/li>\n<\/ul>\n\n\n\n
A team representing the unsecured creditors of Voyager Digital, the bankrupt crypto lender, have asked the former FTX executives \u2013 Sam Bankman-Fried, Samuel Tarbucco, Nishad Singh, Gary Wang, and Caroline Ellison \u2013 to appear before a bankruptcy court this week on questions around the attempted acquisition of the failed crypto lender.<\/p>\n\n\n\n
In July last year, FTX\u00a0 offered<\/a>\u00a0\u2018\u2018an early liquidity\u2019\u2019 <\/em>to the customers of Voyager Digital. The plan was declined by the firm, terming it as a \u2018\u2018low-ball bid dressed up as a white knight rescue.\u2019\u2019<\/em> Binance later acquired the now-bankrupt firm. <\/p>\n\n\n\n
In light of the same, the individuals mentioned above must appear for a remote disposition on February 23, according to a court filing. The same creditors reportedly served similar summons to Bankman-Fried, Ellison, Wang, and FTX\u2019s head of product Ramnic Arora on February 6.<\/p>\n\n\n\n
See Related:<\/strong><\/em> FTX Orders Beneficiaries of Its Political Donations to Return Money \u2013 Estimated at $93 million<\/a><\/p>\n\n\n\n
SBF And His Former Executives To Submit Relevant Documents Before February 20th<\/h2>\n\n\n\n
Besides, the summons,\u00a0 filed<\/a>\u00a0before the US Bankruptcy Court Southern District of New York, have compelled the executives to produce documents and all the relevant information about the loan agreements between Alameda Ventures and Voyager.<\/p>\n\n\n\n
Noteworthy, Alameda Research, FTX\u2019s sister company, sued Voyager Digital last month, seeking to recover more than $400 million in payments made to the lender. FTX paid $442.7 million to Voyager \u2013 the amount it seeks to recover \u2013 on grounds that the payment was close to FTX\u2019s bankruptcy filing. The multiple investigations come amid a warning by bankruptcy Judge Lewis Kaplan that Bankman-Fried\u2019s bail could be revoked for witness tampering.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Crypto-Friendly Bank Silvergate Faces Probe For Dealings With Bankrupt FTX<\/a><\/p>\n","post_title":"FTX\u2019s Former Executives Subpoenaed By Voyager Creditors To Explain Failed Bailout Attempts","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-former-executives-subpoenaed-by-voyager-creditors-to-explain-failed-bailout-attempts","to_ping":"","pinged":"","post_modified":"2023-02-21 12:53:19","post_modified_gmt":"2023-02-21 01:53:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9998","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9513,"post_author":"13","post_date":"2023-01-22 01:37:54","post_date_gmt":"2023-01-21 14:37:54","post_content":"\n
Quick Facts<\/h3>\n\n\n\n
\n
A bulk of the assets are shares held with Robinhood Markets.<\/li>\n\n\n\n
Also listed are unspecified amounts in rival exchange Binance. <\/li>\n<\/ul>\n\n\n\n
The US District Court Southern District of New York published<\/a> a list of assets Friday linked to the former CEO and co-founder of FTX Sam Bankman Fried that have been earmarked for forfeiture, including shares, bank account balances, and cryptocurrencies held in other exchanges. <\/p>\n\n\n\n
Mainly, 55,273,469 shares in Robinhood worth about $526 million, allegedly bought by SBF with stolen funds, make up the bulk of the seized funds. The shares - acquired through Emergent Fidelity Technologies, a shell company created by SBF and his business partner Gary Wang \u2013 were recently at the centre of a tussle between Bankman-Fried, FTX Group, and BlockFi.  <\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Also in the document submitted by the US Attorney Damian Williams is $20.7 million held at ED&F Man Capital Markets and an estimated $50 million at Farmington State Bank. There is also an amount worth $5 million at Silvergate Bank under FTX Digital Markets. <\/p>\n\n\n\n
Part Of The Assets Seized Are Cryptos Held With The Binance Exchange<\/h2>\n\n\n\n
The filing has also listed unspecified amounts in rival crypto exchange Binance and its subsidiary Binance US. Before the event leading to the FTX collapse, Binance had disclosed a rescue plan to help the bankrupt business, which never came through. <\/p>\n\n\n\n
See Related: <\/strong><\/em>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n
The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9289,"post_author":"12","post_date":"2023-01-10 02:17:51","post_date_gmt":"2023-01-09 15:17:51","post_content":"\n
In a Notice of Asset Seizures released<\/a> by the United States Department of Justice, over 55M Robinhood shares were linked to Sam Bankman-Fried and FTX co-founder Gary Wang.<\/p>\n\n\n\n
\n
\"The United States has seized 55,273,469 shares of the stock of Robinhood Markets Inc. and $20,746,713.67 in United States currency (together, the \u201cSeized Assets\u201d) from an account at ED&F Man Capital Markets Inc. pursuant to judicially authorized seizure warrants issued in the Southern District of New York<\/em>,\" states the DOJ.<\/li>\n<\/ul>\n\n\n\n
\n
In this Chapter 11 case, it is noted that the debtors are BlockFi Inc.<\/li>\n<\/ul>\n\n\n\n
\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\nSee Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Follow The Distributed

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\n
US prosecutors aim for a quick end to SBF's legal battle against the former CEO of FTX.<\/li>\n\n\n\n
His initial trial did not cover extra charges like campaign finance violations.<\/li>\n<\/ul>\n\n\n\n
The US prosecutors have decided not to pursue a second trial against the former CEO of FTX, Sam Bankman-Fried. Prosecutors conveyed their stance, emphasizing the \"strong public interest\" in swiftly resolving the case against Bankman-Fried, Reuters<\/em> reported.<\/p>\n\n\n\n
This decision, outlined in a filed letter at the federal court in Manhattan, aims to expedite the resolution<\/a> ahead of Bankman-Fried's scheduled sentencing on March 28, 2024.<\/p>\n\n\n\n
The earlier trial, culminating on November 2, resulted in Bankman-Fried's conviction on all seven counts of fraud and conspiracy leveled against him. Prosecutors had accused Bankman-Fried of siphoning a staggering $8 billion from FTX's customers. This verdict could lead to a potential prison sentence of 115 years for the former cryptocurrency tycoon.<\/p>\n\n\n\n
However, additional charges, including campaign finance violations, conspiracy to commit bribery, and operating an unlicensed money-transmitting business, had been initially removed from the first trial. The decision to forego a second trial marks a crucial turn in the legal saga surrounding Bankman-Fried, yet unresolved aspects of the case linger.<\/p>\n\n\n\n
See Related: US Prosecutors Seize $700M in Bank Accounts<\/a><\/p>\n\n\n\n
Conviction and Ongoing Uncertainty<\/h2>\n\n\n\n
While Bankman-Fried avoids the prospect of a retrial, the uncertainty surrounding the unresolved charges and the impending sentencing continues to keep this high-profile case uncertain, CNBC reported<\/a>. <\/p>\n\n\n\n
The charges against Bankman-Fried include wire fraud and conspiracy to commit wire fraud against FTX's customers and Alameda Research lenders, conspiracy to commit securities fraud, conspiracy to commit commodities fraud against FTX investors, and conspiracy to commit money laundering.<\/p>\n\n\n\n
The trial, which began in early October, witnessed a courtroom drama featuring testimonies from Bankman-Fried's former associates, including Caroline Ellison and Gary Wang, both key figures in FTX. Their cooperation with the prosecution added a layer of complexity to the case.<\/p>\n","post_title":"FTX's Former CEO Sam Bankman-Fried To Skip Second Trial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-former-ceo-sam-bankman-fried-to-skip-second-trial","to_ping":"","pinged":"","post_modified":"2024-01-04 01:25:37","post_modified_gmt":"2024-01-03 14:25:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14827","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9998,"post_author":"13","post_date":"2023-02-21 12:51:59","post_date_gmt":"2023-02-21 01:51:59","post_content":"\n
\n
Before the collapse of FTX, the crypto exchange had proposed to acquire the assets of Voyager Digital.<\/li>\n\n\n\n
The proposal failed, and Binance later got the approval to acquire the crypto lender.<\/li>\n<\/ul>\n\n\n\n
A team representing the unsecured creditors of Voyager Digital, the bankrupt crypto lender, have asked the former FTX executives \u2013 Sam Bankman-Fried, Samuel Tarbucco, Nishad Singh, Gary Wang, and Caroline Ellison \u2013 to appear before a bankruptcy court this week on questions around the attempted acquisition of the failed crypto lender.<\/p>\n\n\n\n
In July last year, FTX\u00a0 offered<\/a>\u00a0\u2018\u2018an early liquidity\u2019\u2019 <\/em>to the customers of Voyager Digital. The plan was declined by the firm, terming it as a \u2018\u2018low-ball bid dressed up as a white knight rescue.\u2019\u2019<\/em> Binance later acquired the now-bankrupt firm. <\/p>\n\n\n\n
In light of the same, the individuals mentioned above must appear for a remote disposition on February 23, according to a court filing. The same creditors reportedly served similar summons to Bankman-Fried, Ellison, Wang, and FTX\u2019s head of product Ramnic Arora on February 6.<\/p>\n\n\n\n
See Related:<\/strong><\/em> FTX Orders Beneficiaries of Its Political Donations to Return Money \u2013 Estimated at $93 million<\/a><\/p>\n\n\n\n
SBF And His Former Executives To Submit Relevant Documents Before February 20th<\/h2>\n\n\n\n
Besides, the summons,\u00a0 filed<\/a>\u00a0before the US Bankruptcy Court Southern District of New York, have compelled the executives to produce documents and all the relevant information about the loan agreements between Alameda Ventures and Voyager.<\/p>\n\n\n\n
Noteworthy, Alameda Research, FTX\u2019s sister company, sued Voyager Digital last month, seeking to recover more than $400 million in payments made to the lender. FTX paid $442.7 million to Voyager \u2013 the amount it seeks to recover \u2013 on grounds that the payment was close to FTX\u2019s bankruptcy filing. The multiple investigations come amid a warning by bankruptcy Judge Lewis Kaplan that Bankman-Fried\u2019s bail could be revoked for witness tampering.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Crypto-Friendly Bank Silvergate Faces Probe For Dealings With Bankrupt FTX<\/a><\/p>\n","post_title":"FTX\u2019s Former Executives Subpoenaed By Voyager Creditors To Explain Failed Bailout Attempts","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-former-executives-subpoenaed-by-voyager-creditors-to-explain-failed-bailout-attempts","to_ping":"","pinged":"","post_modified":"2023-02-21 12:53:19","post_modified_gmt":"2023-02-21 01:53:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9998","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9513,"post_author":"13","post_date":"2023-01-22 01:37:54","post_date_gmt":"2023-01-21 14:37:54","post_content":"\n
Quick Facts<\/h3>\n\n\n\n
\n
A bulk of the assets are shares held with Robinhood Markets.<\/li>\n\n\n\n
Also listed are unspecified amounts in rival exchange Binance. <\/li>\n<\/ul>\n\n\n\n
The US District Court Southern District of New York published<\/a> a list of assets Friday linked to the former CEO and co-founder of FTX Sam Bankman Fried that have been earmarked for forfeiture, including shares, bank account balances, and cryptocurrencies held in other exchanges. <\/p>\n\n\n\n
Mainly, 55,273,469 shares in Robinhood worth about $526 million, allegedly bought by SBF with stolen funds, make up the bulk of the seized funds. The shares - acquired through Emergent Fidelity Technologies, a shell company created by SBF and his business partner Gary Wang \u2013 were recently at the centre of a tussle between Bankman-Fried, FTX Group, and BlockFi.  <\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Also in the document submitted by the US Attorney Damian Williams is $20.7 million held at ED&F Man Capital Markets and an estimated $50 million at Farmington State Bank. There is also an amount worth $5 million at Silvergate Bank under FTX Digital Markets. <\/p>\n\n\n\n
Part Of The Assets Seized Are Cryptos Held With The Binance Exchange<\/h2>\n\n\n\n
The filing has also listed unspecified amounts in rival crypto exchange Binance and its subsidiary Binance US. Before the event leading to the FTX collapse, Binance had disclosed a rescue plan to help the bankrupt business, which never came through. <\/p>\n\n\n\n
See Related: <\/strong><\/em>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n
The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9289,"post_author":"12","post_date":"2023-01-10 02:17:51","post_date_gmt":"2023-01-09 15:17:51","post_content":"\n
In a Notice of Asset Seizures released<\/a> by the United States Department of Justice, over 55M Robinhood shares were linked to Sam Bankman-Fried and FTX co-founder Gary Wang.<\/p>\n\n\n\n
\n
\"The United States has seized 55,273,469 shares of the stock of Robinhood Markets Inc. and $20,746,713.67 in United States currency (together, the \u201cSeized Assets\u201d) from an account at ED&F Man Capital Markets Inc. pursuant to judicially authorized seizure warrants issued in the Southern District of New York<\/em>,\" states the DOJ.<\/li>\n<\/ul>\n\n\n\n
\n
In this Chapter 11 case, it is noted that the debtors are BlockFi Inc.<\/li>\n<\/ul>\n\n\n\n
\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\nSee Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
\n
US prosecutors aim for a quick end to SBF's legal battle against the former CEO of FTX.<\/li>\n\n\n\n
His initial trial did not cover extra charges like campaign finance violations.<\/li>\n<\/ul>\n\n\n\n
The US prosecutors have decided not to pursue a second trial against the former CEO of FTX, Sam Bankman-Fried. Prosecutors conveyed their stance, emphasizing the \"strong public interest\" in swiftly resolving the case against Bankman-Fried, Reuters<\/em> reported.<\/p>\n\n\n\n
This decision, outlined in a filed letter at the federal court in Manhattan, aims to expedite the resolution<\/a> ahead of Bankman-Fried's scheduled sentencing on March 28, 2024.<\/p>\n\n\n\n
The earlier trial, culminating on November 2, resulted in Bankman-Fried's conviction on all seven counts of fraud and conspiracy leveled against him. Prosecutors had accused Bankman-Fried of siphoning a staggering $8 billion from FTX's customers. This verdict could lead to a potential prison sentence of 115 years for the former cryptocurrency tycoon.<\/p>\n\n\n\n
However, additional charges, including campaign finance violations, conspiracy to commit bribery, and operating an unlicensed money-transmitting business, had been initially removed from the first trial. The decision to forego a second trial marks a crucial turn in the legal saga surrounding Bankman-Fried, yet unresolved aspects of the case linger.<\/p>\n\n\n\n
See Related: US Prosecutors Seize $700M in Bank Accounts<\/a><\/p>\n\n\n\n
Conviction and Ongoing Uncertainty<\/h2>\n\n\n\n
While Bankman-Fried avoids the prospect of a retrial, the uncertainty surrounding the unresolved charges and the impending sentencing continues to keep this high-profile case uncertain, CNBC reported<\/a>. <\/p>\n\n\n\n
The charges against Bankman-Fried include wire fraud and conspiracy to commit wire fraud against FTX's customers and Alameda Research lenders, conspiracy to commit securities fraud, conspiracy to commit commodities fraud against FTX investors, and conspiracy to commit money laundering.<\/p>\n\n\n\n
The trial, which began in early October, witnessed a courtroom drama featuring testimonies from Bankman-Fried's former associates, including Caroline Ellison and Gary Wang, both key figures in FTX. Their cooperation with the prosecution added a layer of complexity to the case.<\/p>\n","post_title":"FTX's Former CEO Sam Bankman-Fried To Skip Second Trial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-former-ceo-sam-bankman-fried-to-skip-second-trial","to_ping":"","pinged":"","post_modified":"2024-01-04 01:25:37","post_modified_gmt":"2024-01-03 14:25:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14827","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9998,"post_author":"13","post_date":"2023-02-21 12:51:59","post_date_gmt":"2023-02-21 01:51:59","post_content":"\n
\n
Before the collapse of FTX, the crypto exchange had proposed to acquire the assets of Voyager Digital.<\/li>\n\n\n\n
The proposal failed, and Binance later got the approval to acquire the crypto lender.<\/li>\n<\/ul>\n\n\n\n
A team representing the unsecured creditors of Voyager Digital, the bankrupt crypto lender, have asked the former FTX executives \u2013 Sam Bankman-Fried, Samuel Tarbucco, Nishad Singh, Gary Wang, and Caroline Ellison \u2013 to appear before a bankruptcy court this week on questions around the attempted acquisition of the failed crypto lender.<\/p>\n\n\n\n
In July last year, FTX\u00a0 offered<\/a>\u00a0\u2018\u2018an early liquidity\u2019\u2019 <\/em>to the customers of Voyager Digital. The plan was declined by the firm, terming it as a \u2018\u2018low-ball bid dressed up as a white knight rescue.\u2019\u2019<\/em> Binance later acquired the now-bankrupt firm. <\/p>\n\n\n\n
In light of the same, the individuals mentioned above must appear for a remote disposition on February 23, according to a court filing. The same creditors reportedly served similar summons to Bankman-Fried, Ellison, Wang, and FTX\u2019s head of product Ramnic Arora on February 6.<\/p>\n\n\n\n
See Related:<\/strong><\/em> FTX Orders Beneficiaries of Its Political Donations to Return Money \u2013 Estimated at $93 million<\/a><\/p>\n\n\n\n
SBF And His Former Executives To Submit Relevant Documents Before February 20th<\/h2>\n\n\n\n
Besides, the summons,\u00a0 filed<\/a>\u00a0before the US Bankruptcy Court Southern District of New York, have compelled the executives to produce documents and all the relevant information about the loan agreements between Alameda Ventures and Voyager.<\/p>\n\n\n\n
Noteworthy, Alameda Research, FTX\u2019s sister company, sued Voyager Digital last month, seeking to recover more than $400 million in payments made to the lender. FTX paid $442.7 million to Voyager \u2013 the amount it seeks to recover \u2013 on grounds that the payment was close to FTX\u2019s bankruptcy filing. The multiple investigations come amid a warning by bankruptcy Judge Lewis Kaplan that Bankman-Fried\u2019s bail could be revoked for witness tampering.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Crypto-Friendly Bank Silvergate Faces Probe For Dealings With Bankrupt FTX<\/a><\/p>\n","post_title":"FTX\u2019s Former Executives Subpoenaed By Voyager Creditors To Explain Failed Bailout Attempts","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-former-executives-subpoenaed-by-voyager-creditors-to-explain-failed-bailout-attempts","to_ping":"","pinged":"","post_modified":"2023-02-21 12:53:19","post_modified_gmt":"2023-02-21 01:53:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9998","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9513,"post_author":"13","post_date":"2023-01-22 01:37:54","post_date_gmt":"2023-01-21 14:37:54","post_content":"\n
Quick Facts<\/h3>\n\n\n\n
\n
A bulk of the assets are shares held with Robinhood Markets.<\/li>\n\n\n\n
Also listed are unspecified amounts in rival exchange Binance. <\/li>\n<\/ul>\n\n\n\n
The US District Court Southern District of New York published<\/a> a list of assets Friday linked to the former CEO and co-founder of FTX Sam Bankman Fried that have been earmarked for forfeiture, including shares, bank account balances, and cryptocurrencies held in other exchanges. <\/p>\n\n\n\n
Mainly, 55,273,469 shares in Robinhood worth about $526 million, allegedly bought by SBF with stolen funds, make up the bulk of the seized funds. The shares - acquired through Emergent Fidelity Technologies, a shell company created by SBF and his business partner Gary Wang \u2013 were recently at the centre of a tussle between Bankman-Fried, FTX Group, and BlockFi.  <\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Also in the document submitted by the US Attorney Damian Williams is $20.7 million held at ED&F Man Capital Markets and an estimated $50 million at Farmington State Bank. There is also an amount worth $5 million at Silvergate Bank under FTX Digital Markets. <\/p>\n\n\n\n
Part Of The Assets Seized Are Cryptos Held With The Binance Exchange<\/h2>\n\n\n\n
The filing has also listed unspecified amounts in rival crypto exchange Binance and its subsidiary Binance US. Before the event leading to the FTX collapse, Binance had disclosed a rescue plan to help the bankrupt business, which never came through. <\/p>\n\n\n\n
See Related: <\/strong><\/em>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n
The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9289,"post_author":"12","post_date":"2023-01-10 02:17:51","post_date_gmt":"2023-01-09 15:17:51","post_content":"\n
In a Notice of Asset Seizures released<\/a> by the United States Department of Justice, over 55M Robinhood shares were linked to Sam Bankman-Fried and FTX co-founder Gary Wang.<\/p>\n\n\n\n
\n
\"The United States has seized 55,273,469 shares of the stock of Robinhood Markets Inc. and $20,746,713.67 in United States currency (together, the \u201cSeized Assets\u201d) from an account at ED&F Man Capital Markets Inc. pursuant to judicially authorized seizure warrants issued in the Southern District of New York<\/em>,\" states the DOJ.<\/li>\n<\/ul>\n\n\n\n
\n
In this Chapter 11 case, it is noted that the debtors are BlockFi Inc.<\/li>\n<\/ul>\n\n\n\n
\n
The notice of asset seizures also notes that the seizures \"were effected pursuant to criminal statutes...as well as civil statutes...because the Seized Assets constitute property involved in violations of money laundering and\/or the proceeds of violations of wire fraud, or property traceable thereto.<\/em>\"<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ also notes that the seized assets are not a part of the bankruptcy estate. These assets are likely the most valuable holdings left within the FTX business, and it is still being determined what will occur with the money. But the \"seizure is governed by the criminal and\/or police or regulatory power exceptions to the automatic stay in sections 362(b)(1) or 362(b)(4) of the Bankruptcy Code.<\/em>\"<\/li>\n<\/ul>\n\n\n\nSee Related:<\/em><\/strong> United States DOJ Opens Up For Statements From FTX Victims<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1612464382767960064\n<\/div><\/figure>\n","post_title":"United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-seizes-over-55m-robinhood-shares-and-us22m-in-relation-to-sbf-and-ftx","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:36","post_modified_gmt":"2023-01-09 15:20:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9289","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9285,"post_author":"12","post_date":"2023-01-10 01:48:39","post_date_gmt":"2023-01-09 14:48:39","post_content":"\n
In \"United States v. Samuel Bankman-Fried\", the DOJ has stated<\/a> in a press release that victims of the FTX fallout<\/a> should contact them to provide a statement on the matter.<\/p>\n\n\n\n
\n
\"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a\/k\/a \u2018SBF,\u2019 please contact the victim\/witness coordinator at the United States Attorney\u2019s Office \u2026 for assistance in verifying whether you are a victim in this case,<\/em>\" the DOJ wrote.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ urges those affected to send them an email to verify if they're a victim. The estimated amount of those affected is in the millions, and all victims have \"the right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.<\/em>\"<\/li>\n<\/ul>\n\n\n\n\n
The DOJ noted that updates would take place on its website <\/a>rather than sending out individual emails due to the immense number of victims.<\/li>\n<\/ul>\n\n\n\n
\n
The DOJ has also just seized<\/a> over 56M shares of Robinhood owned by SBF, totalling over US$465M.<\/li>\n<\/ul>\n\n\n\n
\n
If you have been affected by the aftermath of FTX, you can contact the DOJ using the email they've provided or visit the press release for more. The Victim\/Witness Coordinator At The United States Attorney\u2019s Office: [email protected]<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n","post_title":"United States DOJ Opens Up For Statements From FTX Victims","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"united-states-doj-opens-up-for-statements-from-ftx-victims","to_ping":"","pinged":"","post_modified":"2023-01-10 02:20:48","post_modified_gmt":"2023-01-09 15:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9285","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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