FTX ex-CEO accused of bribing Chinese officials

On Mar 29, 2023

NEW YORK, NY - DECEMBER 22: FTX founder Sam Bankman-Fried leaves Manhattan Federal Court after his arraignment and bail hearings on December 22, 2022 in New York City. Bankman-Fried, who was indicted on December 9th and arrested 3 days later by Bahamas law enforcement at the request of U.S. prosecutors, consented to extradition to the U.S. where he is facing eight criminal counts of fraud, conspiracy and money-laundering offenses which includes making illegal political contributions. He is potentially facing life in prison if convicted. He was released on $250 million bond with the bail package requiring him to stay with his parents in California. (Photo by David Dee Delgado/Getty Images)

Now Sam Bankman-Fried (SBF) is under another charge, where he violated systematic procedure to release funds from Alameda Research’s China based account.

Sam Bankman-Fried (SBF) is the former CEO & founder of FTX crypto exchange. Allegedly, SBF misused FTX customers’ funds for personal benefits. Because of the high level of mismanagement of the customers’ funds, the FTX exchange collapsed badly. On 19 Nov 2022, the FTX team filed for bankruptcy under the chapter 11 code in a US bankruptcy court, along with more than 130 affiliated companies including its sister crypto hedge firm Alameda Research.

On 28 March 2023, A New fraud charge came into light when US prosecutors accused SBF of bribing Chinese officials to unfreeze accounts linked with Alameda Research.

Reports confirmed that Alameda Research’s accounts were frozen by the Chinese authorities. To unfreeze the frozen account, SBF appointed Attorneys to handle the case and also use the names of those high authority people, who were not linked or associated with FTX or Alameda but he failed.

US prosecutor’s charges confirmed that SBF instructed Alameda Research’s employee to transfer around $40 million to a Chinese employee to bypass restrictions by Chinese officials.

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UPDATE: New charges for @SBF_FTX this morning. BRIBERY.

**new charges accuse Sam of bribing Chinese officials to the tune of $40M in crypto.
— Andrew (@AP_Abacus) March 28, 2023

So now, SBF is facing a total of 13 charges, which include money laundering, wire fraud, and the violation of campaign finance laws. So far prosecutors failed to prove 8 charges against SBF but other charges are actively under hearing.

At present, SBF lives with his parents on behalf of a $250 million bond bail. His mobile & laptops are under full monitoring. In short, SBF can’t use its technical devices to contact the employees or any worker of the FTX or FTX-related companies’ employees.

If any of the SBF’s activity will create doubt or indicate that he violated the bail agreement then US enforcement officers will collect all tech equipment like Mobile, laptop, etc from him to investigate.