Sam Bankman-Fried Charged with Bribery of $40 Million

A newly released indictment on Tuesday accused Sam Bankman-Fried, founder of FTX, of paying out a massive $40 million to Chinese officials to unfreeze assets related to his cryptocurrency enterprise. After his apprehension in the Bahamas last December and subsequent transfer to the United States, Bankman-Fried now faces a combined 13 charges – including one of conspiracy to breach anti-bribery regulations stated in the Foreign Corrupt Practices Act.

Sam Bankman-Fried’s FTX Case Has Been Going For A Time

FTX, a cryptocurrency exchange, filed for bankruptcy on November 11 after facing a crisis similar to a bank run, leading to a lack of funds. The founder of FTX, Sam Bankman-Fried, has been released on a personal recognizance bond of $250 million that allows him to reside with his parents in California. He has pleaded not guilty to accusations of defrauding investors of billions of dollars before the exchange’s downfall. Meanwhile, Carolyn Ellison and Gary Wang, who were part of FTX’s operations, have already pleaded guilty to fraud-related charges.

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