SBF Charged with Paying $40M in Bribes to Chinese Officials
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SBF Charged with Paying $40M in Bribes to Chinese Officials

SBF reportedly bribed Chinese officials to access $1 billion in frozen crypto funds.
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In a new indictment by Federal prosecutors in Manhattan, former FTX CEO Mr. Samuel Bankman-Fried (SBF) was accused of conspiring to bribe Chinese government officials with over $40 million in cryptocurrency. According to the prosecutors, SBF bribed Chinese officials to unfreeze accounts belonging to Alameda Research, which held $1 billion worth of crypto.

Charges Against SBF Continue to Mount

The latest indictment comes just a month after the New York federal court unveiled four new criminal charges against SBF. Among other things, the billionaire was accused of commodities fraud and making illicit political contributions, including hundreds of donations he allegedly directed in violation of federal campaign finance laws. According to CNBC, SBF could face another 40 years in prison if convicted of these charges.

The indictment also charged SBF with stealing customer deposits at FTX and using billions of dollars of stolen user funds to fuel the operations of FTX and its sister trading firm Alameda Research. In addition, he also used these funds to finance speculative investments and charitable contributions, as well as to enrich himself.

SBF was arrested on Dec. 12, 2022, by the Bahaman police authorities. Before recent indictments, SBF already stood accused of multiple counts of fraud, money laundering, and other criminal charges by the US Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), and the Department of Justice (DoJ).

The co-founder of the collapsed FTX exchange pleaded not guilty to the previous eight counts over one of the biggest financial frauds on record.

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SBF Lawyers Agree on New Bail Conditions With Prosecutors

On Monday, Reuters reported that SBF’s lawyers came to a new bail agreement with US prosecutors, allowing the former billionaire to stay home while restricting him from using some electronic devices and apps. The new conditions, yet to be approved, came after the judge raised the possibility of sending SBF to jail pending trial.

The new conditions would prevent SBF from using a smartphone with internet access and any apps apart from voice calls and text messaging. It would also require the former FTX boss to use a basic laptop with limited features and monitoring software to keep track of his activity.

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Do you think SBF will be found guilty of conspiring to bribe Chinese officials? Let us know in the comments below.