Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
US prosecutors have created a website to communicate explicitly with the victims of disgraced ex-FTX boss Sam Bankman-Fried (SBF).
The United States Department of Justice has established a website to cater specifically to victims of Sam Bankman-Fried (SBF), former CEO of FTX. The website opens communication channels between US prosecutors and the SBF victims, urging them to send an email for verification.
According to a recently-released DOJ press statement, federal crime victims have certain rights which must be protected. These include “The right to be treated with fairness and with respect for the victim’s dignity and privacy,” among others. In addition, the US prosecutors stated that federal crime victims have the right to “full and timely restitution as provided in law.” Also notable among the 10-list victim rights:
“The right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.”
Lastly, the Department of Justice added:
“The right to reasonable, accurate, and timely notice of any public court proceeding, or any parole proceeding, involving the crime or of any release or escape of the accused.”
US prosecutors believe that the website will serve as a better means of providing notifications and updates for victims instead of contacting them individually. The reason is that those directly affected by the FTX collapse could number more than 1 million, making mail contact impractical.
Beyond the SBF Victims Development
Meanwhile, FTX has agreed to cooperate with Bahamas Joint Provisional Liquidators (JPLs) in other developing matters around the SBF case. According to a January 6th press statement, both parties would work together to optimize fund recovery efforts for stakeholders. In addition, the Bahamas Supreme Court-appointed JPL would take charge of the disposition of real estate in the Caribbean nation. Furthermore, FTX and the JPL also agreed that the latter would confirm assets held by Bahamian authorities.
Despite the progressive collaboration between FTX and the Bahamas JPL, the exchange’s CEO John Ray III suggested room for more resolutions. As he put it, “there are some issues where we do not yet have a meeting of the minds, but we resolved many of the outstanding matters and have a path forward to resolve the rest.”
Furthermore, JPL member Brian Simms also pointed out the diverse tools available to each jurisdiction in accomplishing the given objective. As a result, Simms expressed belief in both parties reaching a satisfactory conclusion.
Since FTX’s dramatic collapse in November last year, Bankman-Fried has been arrested and extradited to the United States. Early this year, the disgraced former FTX CEO pleaded not guilty to all 8 criminal charges against him. These charges include conspiracy to commit money laundering, misuse of customer funds, as well as wire fraud.
SBF pleaded not guilty before a New York District Court judge and in the presence of his lawyers, Mark Cohen, and Christian Everdell. If convicted at a trial set for October 2nd this year, the former crypto wunderkind could face up to 115 years in prison.
Bankman-Fried is currently at his parent’s house on a $250 billion bond.