"US wants forfeiture of $700M+ from SBF" Jan 21, 2023 - Transcripts

January 21, 2023

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It's 8am Eastern January 21st and this is your daily crypto report. Bitcoin is up slightly at $23,023, Ethereum is up slightly at $1,656, and Binance Coin is up slightly at $304. Those leaders buy market cap, top gainers in the last 24 hours, Solana up 19%. The US has seized $171 million in new assets linked to Sam Bankman Freed according to court filings. That's over $700 million already including the Robinhood shares worth the lion's share of that amount. But the $171 million is apparently in fiat bank accounts linked to SPF's companies. The US government is seeking the forfeiture of those assets with a lawyer representing the government saying we believe that these assets are not property in the bankruptcy estate. In the FTX case, a judge has ruled that the law firm Sullivan and Cromwell can in fact represent FTX debtors saying there is no evidence of actual conflict despite FTX having spent nearly $10 million for previous work across 20 individual matters with the firm. The SEC has issued charges to Abraham Eisenberg for the $116 million exploit of Mango Markets saying he manipulated the Mango token. Eisenberg is currently in detention in Puerto Rico and will be transported to appear before the Southern District of New York. If the SEC charges sound familiar, that's because they're jumping on the bandwagon with the CFTC and Department of Justice. Despite his baggage, Brett Harrison, the former president of FTX US has raised $5 million for a D5 venture aimed at institutions.

The main function will be a connectivity layer that helps bridge decentralized venues and players such as qualified custodians. Harrison has apparently been raising for this company in stealth since he left FTX in September. Two months before its epic collapse, Harrison said in a Twitter thread that the company will build institutional-grade trading technologies to streamline crypto market structure, hopefully making it easier and safer for firms and larger traders to access decentralized protocols and centralized exchanges alike. And finally, Stellar Foundation has been revealed as one of Genesis' largest creditors thanks to the latter's bankruptcy filing. Stellar Foundation is owed $13 million, which dates to just last year. Stellar called to some immaterial to its treasury position. At current prices, Stellar's holdings of its native XLM token put the value of its treasury well above $200 million. The first hearing for the bankruptcy case for Genesis is set for Monday. Well, that's all for us today. Visit us at dailycryptoreport.io for sources and links and listen to us everywhere else

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