The Strategist

FTX founder accused of bribing Chinese officials

03/29/2023 - 10:18

Sam Bankman-Fried, the creator and former CEO of the FTX cryptocurrency exchange, was accused of planning to bribe one or more Chinese officials to unlock his hedge fund accounts, according to court documents.

Bankman-Fried was charged by the New York prosecutor's office with embezzling client money. The businessman was originally charged with 12 felonies, and he could spend up to 155 years in jail as a result. Bankman-Fried was freed on a $250 million bailout despite his denial of the accusations. His hearing is scheduled to take place in October.

A document accusing the creator of the cryptocurrency exchange of another count was made public on Friday.

The text stated that on or around November 2021, Samuel Bankman-Fried "and others ordered or made a transfer of at least $40 million in cryptocurrency directed to pay one or more Chinese officials to influence or induce them to unfreeze accounts (belonging to his hedge fund Alameda Research, which were frozen in the PRC in early 2021)," reads the text.