Crypto Exec Sam Bankman-Fried Charged with New Bribery Allegation

Sam Bankman-Fried, the founder of FTX and Alameda Research, is charged with conspiracy to violate anti-bribery provisions by allegedly agreeing to pay $40M in cryptocurrency to foreign officials in China to unfreeze trading accounts.

Crypto Exec Sam Bankman-Fried Charged with New Bribery Allegation

Sam Bankman-Fried, a disgraced crypto executive, has been charged criminally once more with conspiring to break the Foreign Corrupt Practices Act's anti-bribery rules. With this latest accusation, Bankman-Fried now faces a total of 13 counts related to alleged wrongdoing in the FTX and Alameda Research business activities.

To unlock certain trading accounts on two of the biggest cryptocurrency exchanges in China that belonged to Alameda, Bankman-Fried allegedly agreed to pay $40 million in cryptocurrency to foreign officials in China. The accounts were unfrozen in November 2021, following which Bankman-Fried started trading with the estimated $1 billion that was still in those accounts. This is when the alleged bribe payment was allegedly made.

Bankman-Fried has not yet given a plea to this most recent allegation as well as the other four that were revealed in a prior superseding indictment that was released in late February. She has pleaded not guilty to eight criminal offenses. He was released on a personal recognizance bond of $250 million and was required by court instructions to reside with his parents.

As a result of federal prosecutors' worries over Bankman-online Fried's activity and his interactions with current and former FTX employees, the judge presiding over the case will take into account further conditions on his bond. Bankman-Fried's parents have agreed to put monitoring software on their laptops and phones that will take pictures of the users every five minutes and forbid him from using them.

If the judge grants the request, Bankman-Fried won't be permitted to communicate with present or former FTX and Alameda workers, use Signal or other encrypted messaging services, or connect to the internet through a VPN. He will receive a brand-new laptop that is set up to restrict access to only websites that have been pre-approved, are required for the preparation of the defense or are for personal use, and do not constitute a risk to the public.

The story of Bankman-Fried shows how the cryptocurrency business, which has recently come under more attention and regulation, has the potential for corruption and unethical behavior. As a result of the accusations made against Bankman-Fried and FTX, former FTX CEO Nishad Singh has admitted guilt to charges relating to the failure of the cryptocurrency exchange.

Share Tweet Send
You've successfully subscribed to CCnews24
Great! Next, complete checkout for full access to CCnews24
Welcome back! You've successfully signed in
Success! Your account is fully activated, you now have access to all content.