FTX: Sam Bankman-Fried Accused of $40 Million Bribery Scandal

FTX: Sam Bankman-Fried Accused of $40 Million Bribery Scandal
Source: NBC News

The collapse of FTX and Sam Bankman-Fried has been one of the most devastating events to happen in the cryptocurrency realm. Even though the exchange collapsed to the ground in November 2022, new updates regarding SBF seem to unfold every now and then.

On Tuesday, US prosecutors disclosed a fresh indictment against Sam Bankman-Fried. The charges allege that the creator of the now-insolvent FTX digital currency exchange engaged in a plot to offer a bribe worth $40 million to Chinese government officials.

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Sam Bankman-Fried faces a bribery charge on top of 12 other charges

According to the details, a bribery charge has been stacked against SBF, who is already facing 12 other charges. The ex-CEO of FTX is facing accusations of fraud, conspiracy, and violations of US campaign financing regulations. Although Bankman-Fried was taken into custody the previous year, he was subsequently released on bail.

The latest bribery charge details from the superseding indictment accuse SBF of trying to bribe one or more Chinese government officials to unfreeze certain accounts related to his hedge fund. The prosecutors revealed that the accounts held over $1 billion in cryptocurrencies.

Source: CNBC

The new indictment also reveals that the officials unfroze the account after the bribe payment was transferred. The latest charges unveil the mounting pressure and charges against SBF.

The superseding indictment reads: “In or about November 2021, Samuel Bankman-Fried, a/k/a ‘SBF,’ the defendant, and others directed and caused the transfer of at least approximately $40 million in cryptocurrency intended for the benefit of one or more Chinese officials in order to influence and induce them to unfreeze the Accounts.”

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