According to recent court documents, should disgraced FTX founder Sam Bankman-Fried (also known as SBF) be found guilty of fraud, he will be required to relinquish assets valued at more than $700 millions of dollars.

US Federal Attorney Damian Williams said in a court filing on January 20, 2019, that the “government respectfully gives notice that forfeitable property” contains a full list of assets that include fiat currency, stocks and cryptocurrency

According to the documents, most of the assets were seized by the government between January 4 and 19, while the government is also trying to claim “all funds and assets” linked to three different accounts on Binance.

Looking at the list of seized assets, the largest allocations include 55,273,469 shares of Robinhood (HOOD), which had a market value of approximately $525.5 million at the time of writing; $94.5 million was held at Silvergate Bank; $49.9 million was held at Farmington State Bank; and $20.7 million was held at ED&F Man Capital Markets, Inc. In this particular incident, the government requested the forfeiture of the assets in question, as it believes that these assets were obtained illegally through the use of consumer deposits.

Although other members of SBF’s inner circle, such as Caroline Ellison and Gary Wang, have confessed and cooperated with prosecutors about their involvement in the FTX failure, the man himself has pleaded not guilty to all eight criminal charges that have been filed. brought against him.

In other FTX-related developments, a story published Jan. 18 by the Wall Street Journal (WSJ) revealed incorrectly aged ads the exchange issued in Africa shortly before filing for bankruptcy in November.

The campaign in question promoted USD-pegged stablecoins as safer investments than local currencies with respect to inflation, while also touting the ability to earn 8% per year through staking rewards schemes.

Even though those inflationary sentiments may be true across the board, as African currencies like the Nigerian naira and Ghanaian cedi have tumbled against the USD, any African FTX clients who were swayed by the company’s marketing lost funds. . when the company went bankrupt.

Pius Okedinachi, former FTX education lead for Africa, revealed to the WSJ that the exchange managed more than $500 million in monthly trading activity in Africa, with most of the volume originating from Nigeria.