The disgraced founder of FTX will have his assets worth almost $700 million forfeited if he is found guilty of fraud, according to recent court documents.
FTX roped in African investors with inflation hedge marketingfrom the Wall Street Journal highlighted poorly aged marketing that the exchange released in Africa not too long before it went bankrupt in November.
The campaign in question touted USD-pegged stablecoins as safer investments than local currencies concerning inflation, while also promoting the potential to earn 8% yearly via staking rewards programs. While those inflation sentiments may generally be true given that African currencies such as the Nigerian naira and Ghanaian cedi have plummeted against the USD, any African FTX customer persuaded by the marketing of course went on lost funds when the firm went bankrupt.Former FTX education lead for Africa Pius Okedinachi told the WSJ that around that the exchange oversaw around $500 million worth of monthly trading volume in Africa, with most of the volume coming from Nigeria.
Notably, just eight days before FTX filed for bankruptcy, SBF also promoted FTX’s services to West Africa, announcing in a Nov. 3 tweet that the exchange had started accepting deposits in West African CFA francs.
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