• 13 July, 2024

FTX’s SBF Faces a New Indictment in the U.S. for a $40M Bribery

The bankrupt cryptocurrency exchange FTX’s founder Sam Bankman-Fried (SBF) is reportedly indicted by the United States (U.S.) authorities for bribing $40 million to a Chinese government official.

SBF is reported to now be facing a 13-count indictment as per the court filing by Damian Williams, an United States attorney. The fresh bribery charge adds to the 12 counts that SBF already faces owing to the FTX debacle and bankruptcy.

As alleged by the prosecutors, in the said (new) superseding indictment, SBF tried to bribe Chinese government officials to unfreeze some accounts. The accounts in question are reported to be associated with Alameda Research.

The indictment reads, In or about November 2021, Samuel Bankman-Fried, a/k/a ‘SBF,’ the defendant, and others directed and caused the transfer of at least approximately $40 million in cryptocurrency intended for the benefit of one or more Chinese officials in order to influence and induce them to unfreeze the Accounts.

The judge inspecting the concerned case is reported to have received a letter that states that on March 27, the grand jury returned the indictment.

The S5 Indictment, which was unsealed this morning, includes the twelve counts contained in the S3 Superseding Indictment, as well an additional count for conspiracy to violate the anti-bribery provisions of the Foreign Corrupt Practices Act (‘FCPA’), in violation of 18 U.S.C. § 371.

SBF is alleged to have attempted to fraudulently use various individuals’ personal identifying information to transfer funds and circumvent the freeze orders of Chinese authorities.

The concerned individuals are those who are not at all affiliated with FTX or Alameda. When his attempts to unfreeze the accounts failed, SBF is alleged to have resorted to a multimillion-dollar bribe.

The court filing reads, After months of failed attempts to unfreeze the accounts, Samuel Bankman-Fried discussed with others and ultimately agreed to and directed a multi-million-dollar bribe to seek to unfreeze the accounts,” the court filing.

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