U.S. Seeks to Seize $700M in Assets from Crypto Mogul Bankman-Fried

Bullet Points:
• The U.S. government is attempting to seize nearly $700 million of assets from former FTX CEO Sam Bankman-Fried.
• Included in the assets is over 55 million Robinhood Markets (HOOD) shares worth about $525 million.
• Officials are also moving to claim $171 million in cash from a series of bank accounts linked to Bankman-Fried’s web of companies.

The U.S. government is attempting to take control of an estimated $700 million of assets it seized earlier this month from former FTX CEO Sam Bankman-Fried. The property includes over 55 million Robinhood Markets (HOOD) shares worth approximately $525 million, purchased with borrowed Alameda money, as well as $171 million in cash from a series of bank accounts linked to Bankman-Fried’s web of companies.

The government filed a bill of particulars on Friday in Bankman-Fried’s criminal case to officially move forward with the forfeiture. A government lawyer previously informed the judge that these assets are “not property in the bankruptcy estate” or are subject to exemptions, meaning they don’t have to be frozen like most FTX assets are, pending wind-up.

The U.S. has accused Bankman-Fried of a series of financial crimes, including securities fraud and money laundering. He is currently out on bail and has pled not guilty to all charges. The government’s seizure of his personal assets is seen as an attempt to pressure him into a plea deal.

The asset seizure has caused a stir both in the financial world and in the crypto community. Bankman-Fried is a prominent figure in the crypto industry, having founded the popular derivatives exchange FTX, and his case is being closely watched. Additionally, the seizure of Bankman-Fried’s assets has raised questions about the ability of the U.S. government to seize property from other crypto entrepreneurs.

The $700 million asset seizure is the biggest of its kind in the crypto industry and is likely to have a lasting effect on the industry. It remains to be seen whether the U.S. is successful in claiming the assets and how the case will play out in the long run. For now, Bankman-Fried and his lawyers are fighting the forfeiture in court, and the case is ongoing.

Posted in Allgemein | Leave a comment

Binance Capitalizes on High Inflation in 2022, Attracts Largest Number of Retail Investors

• A report from CryptoCompare found that Binance attracted the largest number of retail investors from countries facing high inflation in 2022.
• Binance recorded a 16.3% increase in its market share among exchanges due to the growing adoption of cryptocurrencies, particularly in emerging markets.
• Binance is the world’s largest exchange by trading volume, with more than $14 billion in spot trading volume over the past 24 hours.

In 2022, with inflation surging worldwide, crypto exchange giant Binance capitalized on the trend and attracted the largest number of retail investors from countries facing high inflation. According to a report from CryptoCompare, which tracks digital asset trends, the exchange won the largest market share among exchanges, recording a 16.3% increase.

This increase in market share is due to the growing adoption of cryptocurrencies, particularly in emerging markets, as Binance is often the most readily available choice for users in these areas. Binance is currently the world’s exchange by trading volume, according to CoinMarketCap data. It’s more than $14 billion in spot trading volume over the past 24 hours exceeded the amount of the next 20 exchanges in CoinMarketCap’s rankings.

This surge in market share has been beneficial for the exchange and its users. Binance has been able to expand its services to new countries and offer more trading options, while users have been able to access a secure and reliable platform to trade cryptocurrencies. The report also highlighted that Binance has taken steps to ensure that its users are compliant with local regulations and laws, which has helped to further solidify its position as the leading exchange in the crypto space.

In order to further capitalize on this growth, Binance has been expanding its offerings by launching new products and services. Recently, the exchange announced the launch of its Binance Cloud platform, which is designed to help businesses and institutions launch their own digital asset exchanges. The platform provides a suite of features, including an order management system, a liquidity pool, and an integrated wallet. This is just one of many products that the exchange has released in order to expand its user base and increase its market share.

Overall, Binance’s success in 2022 has been impressive, and it looks like the exchange will continue to be a leader in the crypto space. With its wide range of products and services, and its commitment to compliance, the exchange is well positioned to further capitalize on the increasing demand for cryptocurrencies in emerging markets.

Posted in Allgemein | Leave a comment