Former FTX CEO Sam Bankman-Fried allegedly bribed one or more Chinese officials, according to a new indictment. Bankman-Fried, in collaboration with others, is said to have sent $ 40 million in crypto assets to one or more officials from China. This is evident from a new official charge.
After fraud also bribery
In addition to the existing charges of fraud, now comes the charge of conspiracy to violate anti-bribery laws. With the transaction, Bankman-Fried wanted to secure access to multiple frozen accounts.
“Bankman-Fried and others decided to pay cryptocurrencies to one or more foreign officials in China to influence them to unlock accounts to get and keep business for Bankman-Fried, Alameda and others.”
Not too long ago, Bankman-Fried was portrayed as the messiah of the crypto world. But since FTX’s demise, that reputation has vanished, and his situation has gone from bad to worse. In December, the former CEO of FTX was arrested and is now awaiting sentence in house arrest. The trial will start in October. Until then, he is living in his family home in California.
It was also announced this week that Bankman-Fried is no longer allowed to use chat apps as part of a new bail agreement. He would have tried to approach potential witnesses. He may also only use a laptop with limited functions. In addition, his parents must promise to prevent his access to other devices.
Gloomy prospects for SBF
Bankman-Fried still maintains his innocence. He would never have been aware of the malpractice going on behind the scenes at FTX and Alameda Research. However, three former executives of FTX and Alameda have already pleaded guilty and will cooperate with prosecutors.
Bankman-Fried’s case is getting less hopeful by the day, and chances are he’ll have to ponder his sins behind bars for a long time. The chance seems very small that he, as the person with ultimate responsibility, was not aware of all the violations that took place at the failed exchange.