Former FTX CEO Sam Bankman-Fried Faces Fresh Bribery Allegations for Suspected Crypto Payment to Chinese Authorities – Bitcoin News


Sam Bankman-Fried (SBF), former CEO of FTX, has been hit with a 13-count Indictment. Authorities in the US have added fresh charges, with one of these alleging that SBF used $40 Million to influence certain Chinese government officials.

Details of the Bribery Allegations Against Sam Bankman-Fried

Sam Bankman-Fried (SBF), ex-CEO and co-founder of FTX, is the subject of bribery allegations by Chinese Officials from the government. According to the amended indictment, “Bankman-Fried and others agreed to pay cryptocurrency to one or more foreign officials in China to influence and induce them to unfreeze the accounts in order to assist Bankman-Fried, Alameda, and others in obtaining and retaining business for, and directing business to, Bankman-Fried, Alameda, and others.”

This is not the first time SBF’s indictment has been revised. Back in February 2023, News reported that SBF’s indictment was revised to include bank fraud charges. SBF is also facing other charges, such as defrauding the Federal Election Commission (FEC), wirefraud, and securities fraud. The former FTX CEO has pleaded not guilty to the charges, although three of the firm’s top deputies have pled guilty and are currently cooperating with federal prosecutors.

The Revised filing indicates that certain Chinese officials seized two accounts of the owner Alameda Research, SBF’s quantitative trading arm, which were allegedly held on “two of China’s largest crypto exchanges” in 2021. The revised indictment once again does not include any other defendants. Sam Bankman-Fried is the only one named.

Due to the additional bank fraud and bribery charges, SBF now faces 13 charges in total, levied by the US Department Of Justice in New York. He also faces lawsuits from the Securities and Exchange Commission (SEC), and the Commodity Futures Trading Commission (CFTC).

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Do you think that SBF will be acquitted of the charges against him? Let us know what you think in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at News. A financial tech journalist based in Florida, Redman has been an active participant in the crypto space since 2011. He has a passion for Bitcoin, open-source code, decentralized applications and open-source software. Since 2015 Redman has written over 6,000 articles for News. Learn more about disruptive protocols that are emerging today.

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