FTX founder Sam Bankman-Fried paid $40 million in bribes to Chinese official, federal prosecutor claims

FTX founder Sam Bankman

New Delhi: FTX founder Sam Bankman-Fried paid a USD 40 million bribe to a Chinese government official to unfreeze the accounts. Trading accounts were frozen by the Chinese government. To whom this bribe was given to unfreeze.

According to US media, a new indictment against Bankman-Fried filed by federal prosecutors in Manhattan included details of his 2021 bribe. The indictment said, Samuel Bankman-Fried alias SBF channeled at least USD 40 million to one or more Chinese government officials. The purpose of the bribery was to get one or more Chinese government officials to unfreeze Alameda trading accounts containing over USD 1 billion in cryptocurrency that had been frozen by Chinese authorities. According to the media, it is alleged that USD 1 billion was demanded to unfreeze the accounts. A spokeswoman for the US Attorney’s Office said Bankman-Fried and her accomplices gained access to those accounts after paying bribes.

FTX founder Sam Bankman

Bankman-Fried pleads not guilty
Bankman-Fried was arrested in December and extradited to the Bahamas on charges of fraud and conspiracy related to the explosion of FTX. Last week, prosecutors issued a new indictment charging him with additional crimes. Prosecutors said Bankman-Fried stole billions of dollars of FTX customer funds in addition to misleading investors and lenders. According to the WSJ, Bankman-Fried has pleaded not guilty. Denied fraud and embezzlement of funds.