With the opportunity to spend Christmas and New Year’s with his family, former FTX CEO Sam Bankman-Fried has few reasons to be optimistic for 2023.
Despite the fact that he was able to spend Christmas and New Year’s with his family, former FTX CEO Sam Bankman-Fried has few reasons to be optimistic about 2023. The US Department of Justice has launched an investigation into the disappearance of $372 million in digital assets from FTX and its US-based subsidiary, FTX US. The incident, according to SBF, was committed by either a former FTX employee or someone who had unauthorised access to a former employee’s computer.
It would be interesting to learn which former Alameda Research employees began withdrawing funds just days after Bankman-Fried was released on a $250 million bond. The Alameda wallet was discovered to be exchanging bits of ERC-20s for Ether and Tether, and then funnelling those assets through instant exchangers and mixers. SBF later denied any involvement in the money transfer.
While government agencies are lining up to sue FTX and its founder, Sam Bankman-Fried, a group of former customers made an effort to recover their funds first. Four plaintiffs have filed a lawsuit in the United States Bankruptcy Court for the District of Delaware, seeking priority rights to return digital assets held by FTX US or FTX.com to its customers.
The former FTX CEO is scheduled to appear in court on January 3, the next episode in the FTX saga. He is expected to enter a not guilty plea to the alleged FTX and Alameda financial frauds. This is not surprising. Even if he enters a plea deal, SBF is “unlikely to receive a favourable deal from prosecutors,” according to legal counsel.
Japanese regulators are rethinking some major cryptocurrency restrictions pertaining to the use of stablecoins such as Tether or USD Coin. The new stablecoin regulations in Japan will allow local exchanges to handle stablecoin trading subject to asset preservation through deposits and a remittance limit. Allowing stablecoin distribution in Japan will also necessitate more anti-money laundering regulations, according to the Financial Services Agency of Japan.
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