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Home News FTX founder Bankman-Fried charged with paying $40 million bribe to China

FTX founder Bankman-Fried charged with paying $40 million bribe to China


In a Tuesday indictment that was rewritten, FTX founder Sam Bankman-Fried was accused of paying $40 million in bribes to one or more Chinese officials to unfreeze assets related to his cryptocurrency business. Had taken

Subsequent to being captured in the Bahamas in December and brought to the US presently, the quantity of charges against Bankman-Seared expanded to 13 from trick to disregard hostile to pay off arrangements of the Unfamiliar Degenerate Practices Act. .

On November 11, FTX filed for bankruptcy after running out of money as a result of the cryptocurrency’s equivalent of a bank run. He lives with his parents in Palo Alto, California, on a $250 million personal recognizance bond that keeps him free.

He has denied the claims that he defrauded investors of billions of dollars prior to the failure of his business.

Alameda Research, which is associated with FTX, Bankman-Fried’s global cryptocurrency exchange, was alleged to be the source of the alleged kickbacks.

According to the indictment, some Alameda cryptocurrency trading accounts on two of China’s largest cryptocurrency exchanges were frozen in the beginning of 2021 by Chinese authorities. It claims that the accounts contain approximately $1 billion in cryptocurrencies.

According to the indictment, Bankman-Fried was aware that Chinese authorities had frozen the accounts as part of an ongoing investigation into a specific Alameda business counterparty.

According to the indictment, Bankman-Fried finally agreed to pay several million dollars in kickbacks to try to unfreeze the accounts after several unsuccessful attempts by attorneys and lobbyists for the company to do so. Done.

The prosecution expresses that the digital money payoff installments, then, at that point, adding up to roughly $40 million, were moved from Alameda’s fundamental exchanging record to a confidential digital money wallet November 2021 and the frozen records were thawed.

Meanwhile, Bankman-Fried’s lawyers informed Judge Lewis A. Kaplan on Tuesday that he can only use a laptop and a phone, as well as any other cellphone, tablet, computer, video game, or smart device with Internet access besides electronics. equipment that their attorneys own and that they may require to prepare for trial.

In the case, Kaplan held a hearing on Thursday.


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