FTX Founder Bankman-Fried Bribed Chinese Officials with $40 Million in Crypto: DOJ

The Epoch Times Header

Sam Bankman-Fried, the disgraced co-founder of cryptocurrency exchange FTX, bribed Chinese government officials with $40 million in cryptocurrency, the Department of Justice alleged in a new 13-count indictment (pdf).

Federal prosecutors stated that accounts belonging to Bankman-Fried and others โ€œdirected and caused the transferโ€ of at least $40 million in crypto โ€œintended for the benefit of one or more Chinese government officials in order to influence and induce themโ€ to unfreeze some of the accounts.

In November 2021, accounts for Alameda Research, Bankman-Friedโ€™s hedge fund, were frozen by Chinese authorities.

The Chinese government has been cracking down on cryptocurrency since 2017, banning digital currencies in September 2021.

Bankman-Fried and his colleagues employed โ€œnumerousโ€ legal and personal methods to unfreeze the accounts that contained approximately $1 billion worth of crypto, according to prosecutors.

โ€œAfter months of failed attempts to unfreeze the accounts, Samuel Bankman-Fried discussed with others and ultimately agreed to and directed a multimillion-dollar bribe to seek to unfreeze the accounts,โ€ prosecutors wrote in the indictment.

Once the funds were released, the money was utilized to fund his hedge fundโ€™s loss-generating trades.

Bankman-Fried is accused of violating the Foreign Corrupt Practices Act, an anti-bribery statute.

A letter to the federal district court judge managing the case confirmed that a grand jury returned the indictment on March 27.

โ€œThe 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 (โ€˜FCPAโ€™), in violation of 18 U.S.C. ยง 371,โ€ the letter stated.

This is in addition to the plethora of other allegations, including fraud, campaign finance violations, and money laundering.

In February, the Justice Department accused Bankman-Fried of directing approximately $100 million in political contributions to Democratic and Republican congressional candidates through straw donors or dark money groups.

Byย Andrew Moran

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

Columns

Why Fishermen Are Catching Fewer Lobsters in Maine

For veteran lobsterman Travis Dammier, it was the end of another trip at sea on a solo voyage to earn a living.

Viewers like you

There is no constitutional authority for any spending on public broadcasting โ€“ period. Any questions: See Article 1, Section 8 of the U.S. Constitution.

Beyond the Trump-Musk fallout?

We are witnessing an unprecedented, unhinged Democrat effort to use lawfare, big Democrat donors, street theater, congressional disruptions, potty-mouth videos, the administrative state, the legacy media, and discredited pollsters to stop the Trump agenda.

Trans-wormal

No worm ever said "I am anthropomorphizing, I am a butterfly" to a toad or flock of geese and expected acknowledgement and support.

In Greenlandโ€™s Icy Capital, Past Troubles Haunt Hopes for the Future

As geopolitical realities and ongoing economic growth raise the stakes, U.S. interest in Greenland and the dream of independence may change things in a big way.

News

Citigroup Reverses Course on Controversial Firearm Policies

Citigroup reversed its policy requiring retail business clients to refrain from selling firearms to those who havenโ€™t passed background checks.

Supreme Court Sides With DOGE in Social Security, Records Cases

The Supreme Court handed DOGE two big wins late on June 6 in its effort to reduce the size of the federal government.

Kilmar Abrego Garcia Returns to US to Face Criminal Charges

Kilmar Abrego Garcia, a citizen of El Salvador, is on his way back to the US, where he will face criminal charges for allegedly smuggling illegal immigrants.

White House Adviser Gives Update on DOGEโ€™s Future Amid Muskโ€“Trump Spat

A top White House adviser said DOGEโ€™s work will likely continue amid a spat between its former chief, Elon Musk, and President Donald Trump.

Trump Administration Asks Supreme Court to Allow Dismantling of Education Department

Trump admin asked Supreme Court to allow it to resume dismantling U.S. Dept of Education, following a lower courtโ€™s previous order halting process.

FTC Warns of Rising Student Loan Scams, Says Fraudsters Took Millions From Borrowers

FTC is warning borrowers to steer clear of student loan debt-relief scams, after shutting down group of companies that allegedly charged millions in illegal fees and left customers worse off.

Walmartโ€™s Drone Delivery Coming to 5 More US Cities

Walmart is set to launch its drone delivery service in five more U.S. cities: Atlanta, Charlotte, Houston, Orlando, and Tampa, the company.

Court Orders Trump Administration to Restore AmeriCorps Funding to States

Federal court ordered Trump admin to restore AmeriCorps funding to states. The ruling comes as part of a lawsuit filed by 24 states and DC.
spot_img

Related Articles