Shocking! SBF Accused Of Bribing Chinese Officials With $40M

Key Points:

• Sam Bankman-Fried, the former CEO of FTX, was charged with bribery in the US for allegedly directing a $40M bribes to unfreeze Alameda’s trading accounts through one or more Chinese officials.
• Chinese authorities froze Alameda’s crypto trading accounts on two of China’s largest exchanges that collectively contained over $1 billion worth of cryptocurrencies.
• SBF was indicted with thirteen counts, including violating anti-bribery provisions of the Foreign Corrupt Practices Act, and awaits a court hearing.

Sam Bankman-Fried (SBF), the former CEO of FTX, has been accused of violating anti-bribery laws in the United States.

The latest court filing reviewed by Coincu states that the US prosecutors have charged SBF with violating anti-bribery laws. According to the report, SBF reportedly authorized and directed a bribe of at least $40 million to one or more Chinese officials in order to unfreeze Alameda’s trading accounts. This was done after Chinese authorities froze Alameda’s crypto trading accounts on two of China’s largest exchanges in 2021. The accounts collectively contained over $1 billion worth of cryptocurrencies, and were frozen as part of an ongoing investigation into one of Alameda’s trading counterparts.

After months of unsuccessful attempts to unfreeze the accounts, SBF reportedly transferred around $40 million worth of cryptocurrencies from Alameda’s main trading account to a private cryptocurrency wallet. Only after this transfer were the accounts unfrozen, followed by an additional transfer of tens of millions of dollars. The indictment charges SBF with thirteen counts, including violating anti-bribery provisions of the Foreign Corrupt Practices Act.

This news has taken the crypto community by storm and raised several questions about the market’s integrity. The implications of such an allegation against a high-profile figure like SBF are significant, and it remains to be seen how this will affect the industry. A court hearing is expected to be arranged for SBF to be arraigned on the new indictment.

Coincu will continue to update the situation related to Sam Bankman-Fried, you can find out more information through this article.

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Annie

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