$700M Worth of Assets Linked to SBF of FTX Sized by US
The top news in crypto this week from stack.money
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Around $700M Worth of Assets Linked to SBF, FTX Sized by US, Bankruptcy Lawyers Pursue SBF Family Seeking More Assets and Court Documents Revealed That Yuga Labs Lacks Bored Ape Image Copyright
FTX Founder Sam Bankman-Fried (SBF) could forfeit around $700 million to the United States government, according to new court documents filed on January 20.
The court filing has shown that crypto assets, alongside stocks as well as FIAT deposits in banks, can be subjected. In other words, SBF could be forfeiting over 55 million Robinhood shares, worth $525 million, and around $171 million in bank accounts that are tied to him. Additionally, the seized assets in the bank include over $100 million in an account at Silvergate Bank, $20.7 million at ED&F Man Capital Markets, and $50 million held at Moonstone Bank.
According to an FTX lawyer, the parents, as well as the brother of the alleged crypto fraudster, SBF, should be forced to answer questions as well as provide financial documents surrounding their personal wealth, as well as any money they have gained as a result of FTX.
Additionally, court documents have revealed that the parent company behind Bored Ape Yacht Club (BAYC), Yuga Labs, does not have any copyright registrations for the images within the collection.
The FBI Has Confirmed That North Korea Is Behind the $100 Million Harmony Hack, and the Worhome Hacker Moved $155M in the Biggest Shift of Stolen Funds Throughout the Past Few Months
The FBI confirmed that Lazarus Group cyber actors are responsible for Harmony's Horizon bridge currency theft. North Korean actors used RAILGUN on January 13, 2023, which is a privacy protocol, as a means of laundering over $60 million worth of Ethereum (ETH) stolen throughout the June 2022 Heist. A portion was subsequently sent to several virtual asset service providers, then converted again to Bitcoin (BTC).
Additionally, the hacker behind the $321 million Wormhole bridge attack moved a large portion of the stolen funds, with the transaction data showcasing that $155 million worth of Ether (ETH), which got transferred on January 23 to a decentralized exchange (DEX). The protocol suffered an exploit on February 2, 2022, that resulted in the loss of 120,000 Wrapped ETH (wETH), worth around $321 million.
Nayib Bukele, the President of El Salvador, Shuts Down Critics As the Country Pays $800M Debt in Full
El Salvador has paid back the $800 million debt, with interest, based on a statement by President Nayib Bukele.
Additionally, Finance Minister Alejandro Zelaya also confirmed the news on his Twitter account.
Bukele also noted that he was only able to find one article from a Colombian newspaper that published the news of the repayment.
In 2021, El Salvador made history by becoming the first country in the world that adopted Bitcoin (BTC) as an official currency, and throughout January of 2023, the Legislative Assembly of El Salvador approved a law that will fill the role of being the legal framework for the issuance of the country's Bitcoin-backed bond, the "Volcano Bond."
Bank of America, JPMorgan, and Wells Fargo Collaborate Towards Launching a Digital Wallet, and Amazon to Create a Digital Assets Initiative for NFTs and Crypto Games
Based on a report by The Wall Street Journal, Bank of America, JPMorgan, and Wells Fargo are collaborating toward the creation of a digital wallet. This wallet would be operated by Early Warning Services, which is a joint venture from the numerous banks that also run Zelle. The new wallet would be launched with Visa and Mastercard, who are already on board, based on the report.
One of the largest retailers on a global scale could soon be among the companies that are exploring non-fungible tokens (NFTs). A new report points to an NFT initiative coming in the Spring of 2023. The report from Blockworks claims that Amazon is exploring interest in layer-1 blockchains, blockchain-based gaming companies as well as digital asset exchanges. The sources also claim that NFTs could be a major part of the new initiative.
Bitcoin's Realized Returns Are Positive, Sellers Are Taking Profit, and BTC Could Reach $24,000
Bitcoin's realized profits are back in the green zone. Bitcoin on-chain metrics are stronger as they are following a rally that has lasted three weeks. Additionally, the price levels are now back above a number of key technical indicators.
On January 27, a reputable analyst known as PlanB reported that sellers are taking profits instead of cutting losses. The realized return is the number of gains made on an asset's value throughout a specific time frame. This has led many to speculate that the cryptocurrency could reach $24,000 in value.
Thanks for reading,
James