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Federal Prosecutors Confiscate About $700 Million Assets From Former FTX’s Sam Bankman-Fried

By
Ojukwu Emmanuel
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0
Sam Bankman-Fried

Federal prosecutors have confiscated nearly $700 million in cash and assets linked to EX FTX CEO Sam Bankman-Fried.

A recent court filing revealed that the federal authorities confiscated more than 55 million shares of Robinhood stock along with millions of dollars from free accounts at Silvergate bank.

The crypto billionaire who was arrested in the Bahamas and extradited to the U.S. is currently facing fraud charges. He has been accused of stealing billions of Dollars from FTX customers to fund his crypto-focused hedge, Alameda research.

Wall Street Journal reported that Bankman-Fried may have illegally taken about $10 billion in FTX customers’ funds for his trading firm. He is also accused of using investors’ funds to buy real estate as well as making several donations.

Federal prosecutors revealed that he made corporate contributions to candidates and political action committees in New York that were reported in the name of another person.

He was reported to have contributed more than $70 million to election campaigns in less than 18 months, placing him among the nation’s top political donors.

On November 10, Bankman-Fried publicly apologized on Twitter. He wrote, “I fucked up, and should have done better. I also should have been communicating more very recently.” He later pointed to a poor internal labeling of bank-related accounts as one reason why FTX didn’t have the liquidity to return money to clients.

Meanwhile, in a recent court hearing,  Bankman-Fried has pleaded not guilty to fraud charges, declaring that he didn’t steal customers’ funds, neither did he stash billions away. He revealed that nearly all his assets are utilizable to backstop FTX customers.

During an interview with Bloomberg last year, he claimed to have misaccounted for $8 billion in FTX funds, which he pulled out a spreadsheet, detailing the bad math he used while approaching investors for a potential last-second bailout of FTX and its sister trading firm Alameda research.

Meanwhile, Coinbase CEO Brian Armstrong rejected SBF’s ‘Accounting Error,’ in which he stated that customers’ funds were obviously stolen. He further stated that only the “most gullible person” would believe an $8 billion hole was due to lackluster accounting.

He wrote on Twitter,

“I don’t care how messy your accounting is … you’re definitely going to notice if you find an extra $8B to spend. Even the most gullible person should not believe Sam’s claim that this was an accounting error.”

Meanwhile, the new FTX CEO John Ray, who replaced Bankman-Fried to guide FTX’s restructuring, is trying to rescue funds that were lost by the crypto company’s depositors when the firm spiraled into bankruptcy in November last year.

He further provided some additional details about the FTX’s recovery effort by disclosing that the firm has recovered $1.7 billion in cash, $3.5 billion in liquid cryptocurrency, and $300 million in liquid securities.

John Ray III, while testifying to the U.S house committee, disclosed that U.S. customers are more likely than  other customers to get their money back.

Bank ATMs Still Dispensing Old Naira Notes As CBN Jan 31 Deadline Draws Near

By
Samuel Nwite
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0

Nigerian banks are lamenting about insufficient new naira notes, amid threat by the Central Bank of Nigeria (CBN) to sanction banks still issuing the old notes.

The Nigerian public has been complaining that ATMs are still dispensing the old naira notes even as the January 31 deadline, given by the CBN for the old notes to be returned to the banks, draws near.

The contradicting reality has made the circulation of the newly redesigned naira notes challenging.

The CBN has repeatedly warned that it will sanction banks caught issuing the old naira notes, while the banks said they don’t have enough to satisfy the current demand.

A banker who spoke on anonymity to Tekedia, said they were only given N4 million of the new notes by the CBN.

“I think the deadline is going to be extended, because right now, banks don’t have enough of the new naira notes to meet the circulation need,” she said.

Meanwhile, the central bank has continued its sensitization workshop across the country to help traders and members of the public to embrace the new naira notes and return the old ones to the banks.

The Branch Controller, Central Bank of Nigeria, Abakaliki Branch, Daniel Amaechi Ogbogu reiterated in Afikpo, Ebonyi State, during the workshop on Friday, that the central bank is not going back on the deadline.

He said the CBN had commenced monitoring banks to ensure they are dispensing the new naira notes in their ATMs, adding that every bank has been given the mandate to circulate the new notes.

“We have asked the banks to ensure that all their ATMs are dispensing new notes and any bank that gives out old naira will be penalized to ensure that no old notes are being dispensed from any ATM point.

“We have called the attention of the banks and we have given them mandate to ensure that we don’t want to come back and see that the ATMs are not dispensing the new naira notes,” he said.

Ogbogu added that the CBN has asked banks to come and pick up the new naira notes, urging the public to report any ATM that is still dispensing the old notes.

However, despite the assurances, feedback from several quarters of the country indicates that the circulation of the new naira notes has been far from sufficient.

“For me the time giving as the last date is short because up till now, the banks are not dispensing the new naira note as far as here is concerned both in the ATM,” the Chairman, Afikpo Market Amalgamated Association, Comrade Johnson Inya-Oka said, calling for the extension of the deadline.

He said that the two banks in Afikpo Local Government Area are yet to start dispensing the new notes.

“If you go to the ATMs here in Afikpo, you can’t get the new naira notes as we speak and that is the challenge we are having. We won’t have much challenge should the CBN be fast in changing the old money.

“Our worry is that the two banks in our area are still giving us old naira notes both at the ATM and counter. But for me I will advise that they extend the dates because the banks in Afikpo are not dispensing the new naira notes and even some aged people in the market here have not seen the new naira note for the first time,” he said.

Bitcoin And Big Eyes Coin In The Spotlight: Crypto Market’s Response To Price Dip And Enforcement Action

By
TI Partners
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0

Despite the recent dip in Bitcoin’s price, the crypto market continues to be a source of interest and excitement for many investors. One cryptocurrency that has been making a significant impact in the market is Big Eyes Coin (BIG). With over $16 million raised during the presale stages, Big Eyes Coin (BIG) is breaking down barriers and achieving unprecedented success in the crypto space.

Bitcoin’s Price Dip and the DOJ’s Cryptocurrency Enforcement Action

One of the major appeals of Big Eyes Coin (BIG) is its focus on environmental preservation and community engagement. The platform offers a variety of features and functionalities on its online platform that allows for a new way of connecting with others. As a community-led defi meme token, it has exceeded investor expectations with features such as monthly charity wallets that support ocean conservation charities. It also has a unique and innovative NFT space that connects individuals with shared interests, cute content, and everything crypto related.

The success of Big Eyes Coin (BIG) in the presale stages and the launch of a new calculator feature on their website, which allows investors to connect their crypto wallet and assess potential gains made from buying Big Eyes tokens, is a testament to its potential in the crypto market. The crypto community is keeping a close eye on the market as they attempt to decipher whether or not the price rally is a sign of a market alignment or if something dire could be on the horizon.

Big Eyes Coin (BIG) and Other Crypto Projects Tackling Climate Change Solutions

Big Eyes Coin (BIG) is not alone in the crypto market, as other projects such as GBBC, Eqo Networks and BxCi, have also been working to promote crypto solutions for climate change. These projects have been leading the initiative to create leadership networks that are focused on addressing climate change.

The crypto market has seen a redemption to start the year, however, as the price has surged beyond $20,000. Conversely, all eyes are on the price fluctuation as the market attempts to decipher whether or not the price rally is a sign of a market alignment or if something dire could be on the horizon.

Big Eyes Coin (BIG) vs Bitzlato: Comparing Two Major Players in the Crypto Market

In addition to the enforcement action taken against the cryptocurrency firm Bitzlato, another macroeconomic factor that has been cited as a potential cause of the dip in Bitcoin’s price is the 4% drop in the metrics released in the U.S. Producer Price Index (PPI). The numbers were better than expected, as December 2022 showed a PPI of 6.2% year over year, which beat the projection of 6.8%. Additionally, this data is seen as a signal of “easing inflationary pressure, giving scope for the Fed to slow its current pace of interest rate hikes.”

Overall, the crypto market is constantly evolving and changing, with different projects and cryptocurrencies making their mark. The success of Big Eyes Coin (BIG) in the presale stages and its focus on environmental preservation and community engagement sets it apart from other crypto projects. Alongside its green aims, it also wants to bring serious wealth to its presale investors, which is why it is offering 200% bonus on any purchase! When using the code LAUNCHBIGEYES200 with any presale purchase, any purchase of $BIG will be tripled and deposits into the buyer’s wallet when it launches! The crypto community is keeping a close eye on the market as they attempt to decipher whether or not the price rally is a sign of a market alignment or if something dire could be on the horizon.

Presale: https://buy.bigeyes.space/

Website: https://bigeyes.space/

Telegram: https://t.me/BIGEYESOFFICIAL

Calculate Your Potential Earnings With Big Eyes Coin’s Newest Calculator Feature: Forget Influencer Speculation

By
TI Partners
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0

Big Eyes Coin, under the ticker symbol $BIG, has a track record of reading what the crypto markets are moving towards. Recently, there has been a trend away from mere influencer speculation and advertisement: crypto users and investors have savvied up to the fact that paid endorsements are not solely enough to invest in a cryptocurrency, especially in light of the ongoing bear market. This is why the Big Eyes team has used its traffic-driven website and social media accounts to help directly influence investors and analysts. The latest iteration of this is their newest feature: their investment calculator. But first, some background information on the Big Eyes Coin ecosystem.

What Is Big Eyes Coin And Where Does It Fit In Amongst Top Meme Coins Like Dogecoin & Shiba Inu?

The pioneering meme coin is of course Dogecoin ($DOGE), made initially to ridicule the hype of Bitcoin’s rise ($BTC), but ended up creating a distinct corner of the crypto landscape. And what Dogecoin spurred on was the creation of plenty more meme coins: coins that took the fun of popular internet memes and paired it with blockchain technology. Shiba Inu ($SHIB) is perhaps the most obvious and impressive example of next-generation meme coins, with its impressive ecosystem, which now includes a layer-2 network, Shibarium. 

The next generation of meme coins will build on Shiba Inu’s impressive work, and Big Eyes Coin ($BIG) is leading the way. It has deployed a multi-pronged marketing and advertising offensive, which includes detailed Youtube reviews by crypto analysts, viral 3D ads on New York’s Times Square, and thriving Telegram and Discord communities (linked below).

Not only this but Big Eyes Coin is offering an impressive meme ecosystem. It plans to, post-launch, begin its own NFT collection and platform, allowing users to buy, sell, and trade their Big Eyes NFTs. Users who own or mint Big Eyes NFTs will become members of an exclusive club named Sushi Crew, which will be rewarded with $BIG tokens and other benefits and bonuses. Alongside this, once it launches on several exchanges, its trade volume will increase impressively, mainly due to its exposure and zero taxation. Once it launches – it has, so far, confirmed launch on UniSwap – we suspect that more will be added to its ecosystem, including perhaps a governance token.

So Where Is Big Eyes Coin Currently At?

Big Eyes Coin is currently working through the stages of its presale, currently soaring through stage 9, having raised over $16.3 million at the time of writing. There are good reasons for this – recently, the Big Eyes team has been directly pushing for the launch of Big Eyes’ token. They’ve utilized open dialogue with their community to push forward the launch, especially through their 200% bonus discount. That is to say that every presale purchase will be tripled at no cost to the buyer – if you buy $500 worth of $BIG tokens, you will receive an additional $1000 of $BIG tokens into your wallet once Big Eyes Coin launches. The code is aptly LaunchBigEyes200 and will be on the Big Eyes Coin’s presale page, found via the button below.

Additionally, the new calculator feature on the Big Eyes Coin website has also drawn investors to the project. Meme coins traditionally have been huge wealth creators during bull runs, due to their low entrance price and large scope for value increases. And now, with this virtual calculator, investors can see exactly how much their investment could bring.

With Big Eyes Coin yet to launch (but nearing launch every day), it is clear how much profit could be made for investors during its presale stages. Instead of the flimsy, often unreliable influencer posts, Big Eyes decided to do something different, something simple, direct, and functional. Now visitors can simply see how much they could make – making investments easier and simpler.

Big Eyes Coin is one of the most versatile, hottest new cryptocurrencies available. It is continuously improving its relations with its community, listening and adapting to their needs. The ecosystem will only grow as it nears launch, and with its 200% discount code still live, now is the time to invest and diversify one’s portfolio in preparation for 2023 and the bull run(s) it could bring.

 

For More Information On Big Eyes Coin (BIG), Follow Their Socials:

Presale: https://buy.bigeyes.space/

Website: https://bigeyes.space/

Telegram: https://t.me/BIGEYESOFFICIAL

SEC Charges Sam Bankman-Fried on FTX’s Fraudulent Handlings of Investors’ Equities

By
Paul Ugbede Godwin
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0

FTX Crypto Exchange went from being worth $32 billion to filing for bankruptcy in what many are calling the “Lehman Brothers Moments“. In my previous article I compared his exploits on the Crypto Industry as that of Bernie Madoff.

The collapse of FTX has shaken up the entire crypto space. This has led to Congress and SEC investigating what transpired leading up to its filing for Chapter 11 Bankruptcy.

Timeline on FTX Collapse

Nov 2: Coindesk publishes a concerning article about FTX and Alameda Research.

Nov 6: Binance sells FTT holdings based on the coindesk report. Binance, a rival exchange, announced it was going to sell around $530 million worth of FTT.

The assertions that FTT, the native FTX token, was Alameda Research’s principal asset were covered in length in the paper. Because FTX was utilizing FTT as collateral on its balance sheet, this raised some doubts.

As a result, there were concerns about the capital of FTX and Alameda as the assets were tied to a hazardous and volatile token. Similar to how the Ethereum network uses ether, FTT is the native coin of the FTX network.

Nov 8: Binance announced that they had reached a non-binding agreement to purchase FTX to help with the liquidity crunch.

Nov 11: The inevitable happened, and the company has to file for bankruptcy protection after a sudden collapse.

Nov 14: BlockFi suspends customer withdrawal, ever since the bankruptcy of FTX, many casualties have emerged. BlockFi was bailed out over the summer by SBF’s $400 million lifeline to stabilise the company.

Customers who put their trust in crypto behemoth FTX are now without anything. On large exchanges, are our investments really secure? Customers use these exchanges to trade their assets solely on the basis of trust. That bond is destroyed by such frauds by VCs like Alameda and SBF.

Apparently, following the turn of events SEC alleges that Sam Bankman- Fried used $100 million of customers’ money to invest in Mysten Labs— Creators of the Sui Blockchain during the investigation following ftx’s bankruptcy. So, does this have an impact on SuiNetwork?

The SEC turns a blind eye to FTX exploits in the past which led to US investors losing billions. The SEC lets politicians trade on material insider information. The SEC have continued to allow BlackRock to control the destiny of the free market and push their ESG policies on all of us.

SEC Finally Nails FTX Frauds on SBF

The SEC has officially charged Sam Bankman-Fried with defrauding FTX investors. Specifically, filing their complaint he “orchestrated a scheme to defraud equity investors in FTX Trading Ltd.” Moreover, the claims center around his misrepresentation of the platform to potential investors.

The filing states that Bankman-fried, after successfully raising more than $1.8 billion, had done so on false pretenses given to investors. The charges state that in that funding round, Bankman-Fried “promoted FTX as a safe, responsible crypto asset trading platform, specifically touting FTX’s sophisticated, automated risk measure to protect customer assets.”

Ben Armstrong wrote on Twitter. What was the number? 129 politicians received money from SBF only 11 are returning the funds. FTX was used for international money laundering from many elites world wide. Who knew Senator Warren had inside info on this.

The SECGov has recently taken enforcement actions against alleged unregistered public offerings of Nexo Protocol for lack of disclosure, while largely ignoring the risky activities of Crypto Exchanges and VC firms.

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