Former FTX CEO Accused of Bribing $40 Million to Chinese Officials

Former FTX CEO Accused of Bribing $40 Million to Chinese Officials

Former FTX CEO Sam Bankman-Fried has been accused of organizing a bribe of at least $40 million to Chinese officials, Reuters reports. U.S. Attorney’s Office brought him new charges on 13 counts, which include conspiracy to violate anti-corruption laws.

Bankman-Fried personally oversaw the transfer of at least $40 million worth of cryptocurrencies to Chinese officials, according to federal prosecutors.

Prosecutors allege that Bankman-Fried bribed them to help unlock Alameda Research accounts that had previously been frozen by Chinese authorities. According to court documents, these accounts held more than $1 billion in cryptocurrencies.

Bankman-Fried had previously pleaded not guilty to fraud as an FTX executive. Prosecutors allege he stole billions of dollars from client funds to cover losses for trading company Alameda.

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