SBF Refuses To Accept 5 And Latest Charges In US Federal Court

Key Points:

• Former Sam CEO Bankman-Fried (SBF) pleaded not guilty to five additional charges related to the collapse of FTX and Alameda Research in New York federal court on Thursday.
• His attorney plans to file a motion not to try his client on all charges.
• This time, the charges focus on Bankman-Fried’s alleged bribery of the Chinese government.

As reported by CNBC, Sam Bankman-Fried (SBF), the founder of the crypto exchange FTX, has pleaded not guilty to five additional charges related to the collapse of FTX and Alameda Research in court in New York federal on Thursday.

SBF’s attorney, Mark Cohen, said he plans to file a motion not to try his client on all charges. His legal team would argue that, under the U.S.-Bahamas treaty, those extradited can only be tried for the crime they were deported.

“As Mr. Cohen stated in court, we will be challenging the new charges when motions are filed,” a claim for Sam Bankman-Fried said.

Before the news on March 28, the US announced 13 new indictments against the founder of FTX SBF. At the heart of the charges, this time, is the fact that he has had charges related to bribery of a foreign government.

Court documents show that the United States has announced 13 new indictments against the founder of crypto exchange FTX Sam Bankman-Fried. The United States has accused him of directing the transfer of at least $40 million in cryptocurrency to bribe Chinese government officials in new bribery conspiracy allegations.

According to the allegations, the deal was designed to influence and get Chinese officials to release the crypto accounts of Alameda Research, an affiliate of FTX.

Prosecutors said the SBF and his associates reviewed and tried “multiple methods” to free the accounts, which contained about $1 billion in cryptocurrency, the FT reported.

Around November 2021, SBF transferred a bribe worth about $40 million from Alameda to a private crypto wallet. At or around the time of payment, the account will be unlocked.

In November, FTX and Alameda collapsed due to a veritable bank run sparked by concerns over their balance sheets. Bankman-Fried is also charged civilly by the Securities and Exchange Commission and the Commodities Futures Trading Commission in addition to this federal indictment. FTX is still stuck in the middle of bankruptcy court proceedings in Delaware.

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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