Sam Bankman-Fried allegedly transferred over $40 million of crypto to benefit Chinese government

Sam Bankman-Fried (SBF), the founder of the defunct cryptocurrency exchange FTX, has been accused by US authorities of breaching anti-bribery sections of the Foreign Corrupt Practices Act.


Sam Bankman-Fried (SBF)

Significantly, the charges were revealed in a fresh indictment against Bankman-Fried on Tuesday, March 28, in a new suspending 13-count indictment revealed by the Southern District of New York. The founder is accused of transferring over $40 million in cryptocurrencies to Chinese government officials.

Federal prosecutors in Manhattan have requested an arraignment hearing before U.S. District Judge Lewis Kaplan. Bankman-Fried “directed and caused the transfer of at least approximately $40 million in cryptocurrency intended for the benefit of one or more Chinese government officials to influence and induce them to unfreeze the accounts” of Alameda Research that Beijing had frozen, according to the court document.

Nevertheless, the court stated that the new charge would not affect the 31-year-bail old’s conditions.  The former billionaire had earlier pleaded not guilty to eight counts stemming from FTX’s demise. Authorities claim SBF stole billions of dollars in customer funds to cover losses at his crypto-focused hedge fund, Alameda Research.

In other news, YouTubers who marketed FTX were hit with a $1 billion class action lawsuit earlier this month. Indeed, multiple lawsuits have been filed against FTX and its promoters as investors seek restitution for their losses.

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