Head of failed crypto firm FTX, Sam Bankman-Fried, accused of bribing Chinese official https://t.co/iHoQop6u6C
— BBC News (World) (@BBCWorld) March 28, 2023
Barely had SBF’s lawyers signed the latest set of ‘revised bail conditions‘ designed to keep their client from further incriminating himself than… Surprise!
In new charges unveiled in the US, officials accuse the entrepreneur of authorising a bribe of “at least $40m” (£32.5m) to try to gain access to trading accounts frozen by Chinese authorities.
The allegations add to the fraud case filed last year after FTX’s collapse…
The updated indictment says Mr Bankman-Fried authorised the bribe after Chinese authorities froze accounts holding roughly $1bn (£811m) worth of cryptocurrency that belonged to his trading firm, Alameda Research.
The accounts were released after the transfer, which went to a private cryptocurrency wallet, according to the filing…
The incident happened before FTX’s dramatic collapse last year, when reports about the company’s finances led to a rush of withdrawals, pushing the firm into bankruptcy.
In the wake of the collapse, which left many people unable to access their funds, the US filed criminal charges against Mr Bankman-Fried, accusing him of improperly using customer deposits at FTX to fund his other firm, Alameda Research, buy property and make millions in political donations.
The episode cast a dark cloud over the crypto industry, which was already suffering from big falls in the values of Bitcoin and other assets.
It was also a sharp fall from grace for Mr Bankman-Fried, who had been one of the most high-profile figures in the sector, leading an exchange which had more than 1 million users and ranked as the world’s third largest trading platform by some measures…
In fact, the purported bribe worked and the accounts were unfrozen. Lots of other Chinese officials today wondering how they missed out on this. https://t.co/w8JBYeMS9q pic.twitter.com/8stSEufv2P
— Joe Moschella (@joemosch) March 28, 2023
Late Night Open Thread: Sam <del>Bigly Fraud</del> Bankman-Fried, Still Grinding His GriftsPost + Comments (30)