Federal prosecutors tacked on a 13th criminal charge against Sam Bankman-Fried, accusing the FTX co-founder of bribing 'one or more' Chinese government officials with $40 million.
Federal prosecutors tacked on a 13th criminal charge against Sam Bankman-Fried, accusing the FTX co-founder of bribing "one or more" Chinese government officials with $40 million.The new indictment was unsealed by the Southern District Court of New York on Tuesday.
In the indictment, prosecutors allege that Bankman-Fried sought to pay off Chinese officials in an effort to unfreeze accounts belonging to his hedge fund, Alameda Research. The accounts, which the Chinese governemnt had frozen in a crackdown on cryptocurrencies, held more than $1 billion of digital assets, prosecutors say.
The charges against Bankman-Fried stem from what prosecutors have characterized as one of the biggest financial frauds in US history. They say that Bankman-Fried orchestrated a massive fraud, stealing deposits from his cryptocurrency exchange FTX, to finance risky bets at his hedge fund, funnel contributions to American politicians and underwrite a luxury lifestyle for himself and his employees in the Bahamas.
The 31-year-old Bankman-Fried has previously acknowledged mishandling his business but has denied committing fraud.
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