In a revised indictment released on Tuesday, FTX founder Sam Bankman-Fried was accused of paying $40 million in bribes to one or more Chinese authorities in order to have assets connected to his cryptocurrency business unfrozen.
After being detained in the Bahamas in December of last year and transferred to the United States shortly after, Bankman-Fried now faces a total of thirteen accusations, including the charge of conspiracy to violate the Foreign Corrupt Practices Act’s anti-bribery provisions.
At the subsequent pretrial conference, which is set for Thursday, Bankman-Fried will probably be charged under this superseding indictment.
Prosecutors said that Bankman-Fried and his associates tried numerous methods” to unlock the accounts, which held about $1 billion worth of cryptocurrencies. Bankman-Fried allegedly agreed to and oversaw a multimillion-dollar bribe to free the frozen accounts after all other attempts–both legal and personal–had failed.
The government claims that Bankman-hedge Fried’s fund continued its deception against customers and investors for an additional year by using the unfrozen assets to fund Alameda’s loss-producing transactions.
On March 17th, CWEB reported that according to a Wednesday filing by the new managers in FTX, former CEO Sam Bankman-Fried, who is facing several criminal fraud charges, received about $2.2 billion. FTX made transfers to him from several entities. Other key executives also received payments in the millions. These total transfers amounting to more than $3.2 billion were made as “payments” and as “loans.” Read the full story below.
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FTX and Alameda File Request to Freeze $450 Million in Robinhood Stock in New York Court
