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FTX’s Bankman-Fried faces new indictment of bribing Chinese officials

by Joy Onuorah
March 28, 2023
in News
Reading Time: 1 min read
FTX's Bankman-Fried faces new indictment of bribing Chinese officials

FTX's Bankman-Fried faces new indictment of bribing Chinese officials

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The founder of the now-defunct FTX cryptocurrency exchange, Sam Bankman-Fried, is facing a new indictment accusing him of conspiring to pay a $40 million bribe to Chinese government officials.

The charge adds to the 13-count indictment he already faces over the November 2022 collapse of FTX.

Prosecutors allege that Bankman-Fried ordered the cryptocurrency payment to persuade Chinese authorities to unfreeze Alameda Research’s accounts with over $1 billion of cryptocurrency.

Bankman-Fried has pleaded not guilty to eight of the counts and has denied stealing money. Three former members of his inner circle have pleaded guilty and agreed to cooperate with prosecutors.

Bankman-Fried’s spokesperson declined to comment on the new indictment. He is scheduled to be arraigned on Thursday in Manhattan federal court, where U.S. District Judge Lewis Kaplan will consider modifications to his $250 million bail package.

Prosecutors raised concerns that Bankman-Fried may have been tampering with witnesses, and his lawyers and prosecutors have reached a new agreement on revised bail conditions.

Under the new conditions, Bankman-Fried would be barred from using electronics except for a phone with no internet capability and a basic laptop with limited functions, which would have monitoring software to track user activity.

Tags: Sam Bankman-Fried
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