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Day: January 21, 2023

SBF to forfeit $700M worth of assets if found guilty of fraud

SBF to forfeit $700M worth of assets if found guilty of fraud

SBF to forfeit $700M worth of assets if found guilty of fraud. Most of SBF’s assets were seized by the government between Jan. 4 and Jan. 19. The biggest allocations include 55,273,469 Robinhood shares worth roughly $525.5 million. Sam Bankman-Fried, founder and CEO of FTX, has pleaded not guilty to all eight criminal charges laid against him. The government has submitted a forfeiture order for the assets of SBF’s company, alleging that they were obtained unlawfully via customer deposits. News Sorce

Crypto to play 'major role' in UAE trade: foreign trade Minister

Crypto to play ‘major role’ in UAE trade: foreign trade Minister

Crypto will play a “major role” in the United Arab Emirates’ global trade moving forward, says minister of state for foreign trade Thani Al-Zeyoudi. UAE needs to ensure global governance when it comes to cryptocurrencies and crypto companies, he said. If they fail to do so they could face fines of up to $2.7 million under the new law. News Sorce

FTX-linked Moonstone bank to exit the crypto space

FTX-linked Moonstone bank to exit the crypto space

The collapse of FTX has triggered a bank run on Silvergate, causing the company to sell assets at a loss and cut staff by 40% to cover $8.1B in withdrawals. Moonstone Bank was reportedly acquired in 2020 by Jean Chalopin, the Bahamas-based chairman of Deltec, another FTX banking partner. News Sorce