Bankman-Fried Family Caught in FTX Fraud Probe: Family Members Questioned Over Alleged Financial Benefits

•FTX’s legal counsels are requesting that Sam Bankman-Fried’s parents, Joseph Bankman and Barbara Fried, testify under oath and produce financial papers regarding their personal fortune.
•Gabriel, the brother of former FTX CEO Bankman-Fried, will also be questioned in court over any financial benefits he may have gotten from the company.
•In light of claims that FTX shifted billions of dollars in investor cash to prop up his Alameda Research trading unit, federal authorities have accused him with fraud.

The tragedy surrounding FTX, a bankrupt cryptocurrency exchange, is becoming more personal. The exchange’s legal counsels are now seeking to drag the founder’s family members into the case and question them about how they established their affluence.

In a court filing, FTX attorneys requested that Sam Bankman-Fried’s parents, Joseph Bankman and Barbara Fried, appear in court and provide financial documents detailing their wealth. This is part of the company’s effort to reclaim funds that may be used to repay creditors. Gabriel, the brother of former FTX CEO Bankman-Fried, will also be subject to the same inquiry, in an attempt to locate any assets associated with the exchange that may have been given to him.

The reason for these inquiries is due to the fact that federal authorities have accused Sam Bankman-Fried of fraud. Allegations have arisen that FTX shifted billions of dollars in investor cash to prop up his Alameda Research trading unit. SBF has entered a not-guilty plea, although he has failed to provide prosecutors with all the necessary information regarding the diverted money.

The legal team at FTX is now hoping to use the testimonies of Bankman-Fried’s family members to obtain answers to their questions. If they are able to uncover any financial benefits that have been given to them, they will be able to use this information to reclaim funds and repay creditors.

The story of FTX has been one of tragedy, and it is now becoming increasingly personal for the Bankman-Fried family. With federal authorities accusing SBF of fraud, and the exchange’s legal counsels now questioning his family members, the situation is becoming increasingly dire. It remains to be seen what will happen next, though it is certain that the Bankman-Fried family will not be able to escape the legal proceedings unscathed.

U.S. Investigates Binance Crypto Exchange For Money Laundering Allegations

• U.S. authorities are investigating Binance crypto exchange for allegedly not complying with sanctions and facilitating money laundering.
• An order from FinCEN revealed that a Russian named Anatoly Legkodymov laundered 700 million USD through Binance.
• The US Treasury Department also claimed Binance was Bitzlato’s highest Bitcoin-receiving ally between May 2018 and September 2022.

The U.S. is currently conducting an investigation into the Binance crypto exchange, alleging that the exchange has not been meeting sanctions or preventing money laundering. Recently, an order was issued by the U.S. Financial Crimes Enforcement Network (FinCEN) which revealed that a Russian named Anatoly Legkodymov had laundered 700 million USD through Binance. The US Department of Justice stated that the funds were used for illegal activities such as gambling and purchasing illicit drugs through the dark web and that Legkodymov has since been arrested.

The US Treasury Department also stated that Binance was Bitzlato’s highest Bitcoin-receiving ally between May 2018 and September 2022. FinCEN revealed that two-thirds of Bitzlato’s highest transaction counterparts conducted illegal activities or scams. These activity partners included TheFiniko, a Russian Ponzi Scheme, and a Russian dark net market named Hydra. The Financial Crimes Enforcement Network noted that the activity partners were exchanging large chunks of money with Binance and the funds were being used for illicit operations.

Binance, in response, has denied any wrongdoings and has stated that the company follows all applicable laws and regulations and that it has implemented a comprehensive compliance program to ensure the safety and security of its platform. The company has also said that it is actively cooperating with all relevant authorities to ensure that any suspicious activity is appropriately investigated and reported.

The US investigation into Binance’s activities is ongoing and it remains to be seen what the outcome will be. Regardless, this case has raised some serious questions about the security of crypto exchanges and the need for greater regulation of these platforms. It’s clear that crypto exchanges must do more to ensure that their platforms are not used for money laundering and other illegal activities.

15 Tokens Account for Over 75% of Locked Crypto Value: XRP Leads the Pack

• Token Unlock issued a 2022 annual report showing 15 tokens accounting for over 75% of the total illiquid tokens.
• XRP is currently the highest-valued token locked, with an estimated locked value of $17.9 billion.
• Other tokens with high estimated locked values include Filecoin, Optimism, Chainlink, BitDao, ApeCoin, STEPN, Hedera, Axie Infinity, dYdX, ENS, Kadena, Curve DAO, PancakeSwap, and GALA.

Token Unlock, a platform that uses on-chain data to track vested tokens and inform users of upcoming unlock events, has released its 2022 annual report showing the highest estimated locked value tokens according to the current market price. This report has revealed that 15 tokens account for over 75% of the total illiquid tokens.

At the top of the list is XRP, with an estimated locked value of $17.9 billion. Of course, this high-valued token has been the topic of much discussion in recent months. It has been suggested that the token will be released over time at fixed intervals, and there is a lot of anticipation around this.

The other tokens with high estimated locked values include Filecoin, Optimism, Chainlink, BitDao, ApeCoin, STEPN, Hedera, Axie Infinity, dYdX, ENS, Kadena, Curve DAO, PancakeSwap, and GALA. Of these 15 tokens, two are relatively equal to $1 billion while seven are worth more than a billion, and six remain below $1 billion in value.

This report from Token Unlock gives a good insight into the current state of the crypto markets and which tokens are likely to be the most valuable in the near future. As the crypto markets continue to grow, it’s important to keep an eye on these key tokens and their estimated locked values. This report from Token Unlock is a great way to do just that.