FTX Exec Charged with Bribing Chinese Officials!

• Sam Bankman-Fried, the co-founder of the now-bankrupt FTX exchange, has been accused of bribing Chinese officials by a federal grand jury in Manhattan.
• The prosecutors allege that Bankman-Fried transferred $40 million in cryptocurrency intended for the benefit of one or more Chinese government officials.
• Bankman-Fried is facing a new 13-count indictment which includes charges of orchestrating an illegal campaign donation scheme and conspiring to violate the Foreign Corrupt Practices Act (FCPA).

FTX Exchange Co-Founder Charged With Bribing Chinese Officials

A federal grand jury in Manhattan has issued a revised indictment against Sam Bankman-Fried, the co-founder of the now defunct FTX exchange. According to the indictment, Bankman-Fried has been accused of authorizing the transfer of $40 million in cryptocurrency intended for the benefit of one or more Chinese government officials.

Alleged Bribery Payment

The alleged bribery payment was intended to unfreeze accounts belonging to Alameda Research, Sam Bankman-Fried’s hedge fund, which had been frozen by Chinese authorities. The accounts reportedly held more than $1 billion worth of cryptocurrency at the time. Per the report, Bankman Fried allegedly transferred this bribe payment around November 2021 from Alameda’s main trading account to a private cryptocurrency wallet so that it could be accepted by the Chinese authorities.

Additional Charges Filed Against FTX Co Founder

In addition to these bribery charges, US prosecutors have also asked Bankman Fried to be arraigned on a new 13 count indictment which includes charges relating to alleged fraud and violations of FCPA (Foreign Corrupt Practices Act) law. US District Judge Lewis Kaplan has scheduled a court hearing for Thursday where he will likely be arraigned on these new charges among other related matters.

What Does This Mean?

This latest development means that Sam Bankman Fried is facing even more jail time as well as hefty fines if he is found guilty on any or all counts associated with his case. It also means that despite his attempt at bribing Chinese authorities with millions in cryptocurrency assets, he is still unable to evade legal action against him and may face serious consequences if convicted on any or all counts charged against him by US prosecutors.

Summary

Sam Bankman Fried, co founder and CEO of FTX exchange has been accused by US prosecutors with bribing Chinese officials with $40 million worth in cryptocurrencies as well as additional fraud charges related to funneling money from FTX into his hedge fund Alameda Research. A court hearing has been scheduled for Thursday where he will likely be arraigned on these new charges among other related matters and could face heavy fines and jail time if found guilty on any or all counts charged against him by US prosecutors