SBF to forfeit $700M worth of assets if found guilty of fraud
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According to new court filings, disgraced FTX founder Sam Bankman-Fried (SBF) will be subject to the forfeiture of roughly $700 million worth of assets if he were to be found guilty of fraud.
In a court document
FTX roped in African investors with inflation hedge marketing
In other FTX-related news, a Jan. 18 report from the Wall Street Journal (WSJ) highlighted poorly aged marketing that the exchange released in Africa not too long before it went bankrupt in November.
The campaign in question touted USD-pegged stablecoins as safer investments than local currencies concerning inflation, while also promoting the potential to earn 8% yearly via staking rewards programs.
While those inflation sentiments may generally be true given that African currencies such as the Nigerian naira and Ghanaian cedi have plummeted against the USD, any African FTX customer persuaded by the marketing of course went on lost funds when the firm went bankrupt.
Related: FTX reboot could falter due to long-broken user trust, say observers
Former FTX education lead for Africa Pius Okedinachi told the WSJ that around that the exchange oversaw around $500 million worth of monthly trading volume in Africa, with most of the volume coming from Nigeria.
Notably, just eight days before FTX filed for bankruptcy, SBF also promoted FTX’s services to West Africa, announcing in a Nov. 3 tweet that the exchange had started accepting deposits in West African CFA francs.
