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Sam Bankman-Fried Allegedly Paid $40 Million in Crypto Bribes to Chinese Official, Additional Charges Filed

Cointime Official

Sam Bankman-Fried, the founder of FTX.com, has been charged with allegedly paying US$40 million in cryptocurrency bribes to at least one Chinese government official in November 2021, according to additional charges filed against him.

The bribes were intended to activate frozen accounts belonging to Alameda Research, the sister trading firm of a bankrupt exchange.

“The defendant and others directed and caused the transfer of at least approximately US$40 million in cryptocurrency intended for the benefit of one or more Chinese government officials in order to influence and induce them to unfreeze the Accounts,” federal prosecutors alleged in the indictment. 

Source: https://s3.documentcloud.org/documents/23728310/sam-bankman-fried-5th-superseding-indictment.pdf

The allegations, if proven true, could have severe legal consequences for Bankman-Fried and his company. The case underscores the importance of transparency and ethical business practices in the cryptocurrency industry, as regulators and law enforcement agencies continue to crack down on illegal activities in the space.

Sam Bankman-Fried FTX
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