FTX’s Sam Bankman-Fried charged with bribing Chinese officials | Business News

Disgraced FTX founder Sam Bankman-Fried has been accused of paying $40m (£32.4m) in bribes to Chinese officials.

Prosecutors allege he directed payments to unfreeze accounts belonging to his FTX-linked hedge fund.

Accounts at his trading firm Alameda Research, which allegedly hold more than $1bn (£812m) in cryptocurrencies, have allegedly been frozen by Chinese authorities.

Prosecutors allege they were unfrozen after the alleged bribe was paid around November 2021.

Bankman-Fried is accused of transferring tens of millions of dollars worth of additional cryptocurrency to complete the bribe.

The 31-year-old has pleaded not guilty to eight counts related to the collapse of FTX last year.

It ran out of money on Nov. 11, after the cryptocurrency equivalent of a bank run.

Prosecutors allege Bankman-Fried stole billions of dollars in client funds to cover Alameda’s losses.

He faces 13 charges in total.

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December: Bankman-Fried leaves court on $250 million bond

That includes four counts accusing him of orchestrating an illegal campaign contribution scheme to buy influence in Washington, D.C.

A spokesman for Bankman-Fried declined to comment on the latest allegations.

He will appear in court in New York on Thursday, when the judge in the case will also consider revising his $250 million
The bail package was agreed to in court last December.

Since then, the depraved tycoon has lived with his parents in Palo Alto, California, with strict communication restrictions.

His lawyers are expected to launch a new bid that would confine him to a laptop and a phone, as well as equipment owned by the law firm, to help him prepare confidentially for the trial.

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