Tom Loverro denies affiliations with fraudulent FTX


On January 22, 2023, Blair Shane of IVP in an email said: “Tom Loverro is not and has never been an aid, an associate, an employee, member of the FTX executive team, or board”.

Expressing his enthusiasm about crypto, on July 28, 2022, Tom Loverro in a tweet said: Crypto will rebound when retail discovers novel apps & use cases, esp those enabled by innovations at the protocol & dev infra layers (txn costs, easier to build). @IVP is excited to back the next gen of crypto innovators, as we did @coinbase, @FTX_Official, @Sorare, @TaxBit.

On the same day, in another tweet answer, Tom Loverro said: “My advice now is: Have enough cash to get through the next 30-36 months and, even more importantly, sufficient FAITH to survive the winter without wavering or chasing new and non-crypto directions. Crypto will come back bigger than ever”.

FTX scandal

According to media reports, US Federal prosecutors have seized nearly $700 million in assets from FTX founder Sam Bankman-Fried in January, largely in the form of Robinhood stock, according to a Friday court filing.

Bankman-Fried, who has been accused of stealing billions of dollars from FTX customers to pay debts incurred by his crypto-focused hedge fund, has pleaded not guilty to fraud charges. He is scheduled to face trial in October.

The Department of Justice revealed the seizure of Robinhood shares earlier this month, but it provided a more complete list of seized assets Friday, including cash held at various banks and assets deposited at crypto exchange Binance.

The ownership of the seized Robinhood shares, valued at about $525 million, has been the subject of disputes between Sam Bankman-Fried, FTX, and bankrupt crypto lender BlockFi.

The most recent asset seizure reported by the DOJ took place on Thursday, when prosecutors seized US$94.5 million in cash from an account at Silvergate Bank which was associated with FTX Digital Markets, FTX’s subsidiary in the Bahamas. The DOJ seized more than US$7 million from other Silvergate accounts associated with Sam Bankman-Fried and FTX.

The DOJ previously seized nearly US$50 million from an FTX Digital Markets account at Moonstone Bank, a small bank in Washington state.

DOJ also said that assets in three Binance accounts associated with Sam Bankman-Fried were subject to criminal forfeiture, but did not provide an estimate of the value in those accounts.


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