U.S. News

Sam Bankman-Fried Charged With Bribing Chinese Officials

CRYPTO CRASH

The FTX founder allegedly conspired to pay at least $40 million in cryptocurrency to gain access to frozen trading accounts.

Sam Bankman-Fried, who faces fraud charges over the collapse of the bankrupt cryptocurrency exchange, leaves federal court in New York City, U.S., Feb. 9, 2023.
Mike Segar/Reuters

Prosecutors have accused FTX founder Sam Bankman-Fried of conspiring to bribe Chinese government officials in a new indictment on Tuesday. The filing in the Southern District of New York alleges that the former billionaire directed the transfer of at least $40 million in cryptocurrency to one or more Chinese government officials in November 2021 in order to get access to accounts that had been frozen by Beijing authorities. The 31-year-old previously pleaded not guilty to charges stemming from the collapse of FTX. Prosecutors say Bankman-Fried used customer deposits at FTX to cover losses at the platform’s sister hedge fund, Alameda Research.

Read it at Reuters