Former FTX CEO Sam Bankman-Fried Faces New Bribery Charges for Alleged Crypto Payment to Chinese Officials

Sam Bankman-Fried (SBF), the previous CEO of FTX, now faces a 13-count indictment as U.S. officers have added new fees. One of the brand new fees alleges that SBF leveraged $40 million to affect “one or more Chinese government officials.”

Details of the Bribery Charges Against Sam Bankman-Fried

Sam Bankman-Fried (SBF), the co-founder and former CEO of FTX, now faces fees of bribing Chinese authorities officers. “Bankman-Fried and others agreed to pay cryptocurrency to one or more foreign officials in China to influence and induce them to unfreeze the accounts in order to assist Bankman-Fried, Alameda, and others in obtaining and retaining business for, and directing business to, Bankman-Fried, Alameda, and others,” the revised indictment states.

This will not be the primary time SBF’s indictment has been revised. In February 2023, Bitcoin.com News reported that SBF’s indictment was revised to incorporate financial institution fraud fees. SBF faces different fees as nicely, together with defrauding the Federal Election Commission (FEC), wire fraud, and securities fraud. The former FTX CEO has pleaded not responsible to the costs, however three of the agency’s high deputies have pleaded responsible and are cooperating with federal prosecutors.

The revised submitting signifies that Chinese officers reportedly seized two accounts owned by Alameda Research, SBF’s quantitative buying and selling arm, which had been allegedly held on “two of China’s largest crypto exchanges” in 2021. Once once more, the revised indictment doesn’t embrace every other defendants, and Sam Bankman-Fried is the one particular person named.

With the addition of financial institution fraud fees final month and newly added bribery fees, SBF now faces a complete of 13 fees from the Department of Justice in New York. He additionally faces lawsuits filed by the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

What do you consider the brand new fees SBF faces? Let us know your ideas within the feedback part under.