• Login
Crypto Newsmart
No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • ALTCOIN
    • ETEREUM
    • NFT’s
    • CRYPTO PRICE ANALYSIS
  • LEARN CRYPTO
  • CRYPTO EXCHANGES
  • BLOCKCHAIN
  • MINING
  • SCAM ALERT
  • PRESS RELEASE
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • ALTCOIN
    • ETEREUM
    • NFT’s
    • CRYPTO PRICE ANALYSIS
  • LEARN CRYPTO
  • CRYPTO EXCHANGES
  • BLOCKCHAIN
  • MINING
  • SCAM ALERT
  • PRESS RELEASE
No Result
View All Result
Crypto Newsmart
No Result
View All Result

Bankman-Fried Accused of Bribing Chinese Government Officials

Crypto Newsmart by Crypto Newsmart
2 years ago
in Blockchain, Crypto Updates
Reading Time: 3 mins read
26
VIEWS
Share on Facebook
Bankman-Fried Accused of Bribing Chinese Government Officials

 

Key Takeaways

  • Sam Bankman-Fried allegedly bribed Chinese officials to unfreeze Alameda funds on Chinese crypto exchanges.
  • Prosecutors claim he transferred at least $40 million to unblock funds.
  • Bankman-Fried is now facing 13 criminal charges.

Share this article

U.S. prosecutors believe that Sam Bankman-Fried resorted to bribery in order to unfreeze over $1 billion worth of Alameda Research’s crypto funds from Chinese exchanges in 2021.

$40 Million Bribe

Sam Bankman-Fried’s case keeps getting worse and worse.

Today U.S. prosecutors unveiled a new charge against the former FTX CEO. Bankman-Fried is being accused of giving Chinese government officials at least $40 million in bribes in 2021.

According to the indictment, the purpose of the bribe was to influence Chinese officials into unfreezing two Alameda Research trading accounts that contained over $1 billion in cryptocurrencies. The filing indicates that the trading accounts were hosted on two of China’s largest crypto exchanges, though the exchanges themselves aren’t named. The funds were reportedly frozen due to an investigation regarding an Alameda counterparty.

Prosecutors claim that Bankman-Fried attempted to unfreeze the funds through a variety of means, including lobbying, direct communication with exchanges, and fraudulently opening new accounts on these exchanges by using the personal information of people unassociated with FTX or Alameda and then trying to move the frozen funds to these new accounts. Bankman-Fried eventually ordered the transfer of $40 million in cryptocurrency to a private wallet, in multiple installments. At around the same time, Alameda’s funds were unfrozen. 

Bankman-Fried is now being charged with conspiracy to violate the anti-bribery provisions of the Foreign Corrupt Practices Act. He is already being charged with 12 other counts, including wire fraud, securities fraud, commodities fraud, bank fraud, operating an unlicensed money transmitter, and conspiracy to make unlawful political contributions.

Three of Bankman-Fried’s closest associates—FTX co-founder Gary Wang, Alameda Research CEO Caroline Ellison, and FTX head of engineering Nishad Singh—have already pleaded guilty to various fraud charges and are reportedly cooperating with law enforcement. 

Disclaimer: At the time of writing, the author of this piece owned BTC, ETH, and several other crypto assets.

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Source link

Is crypto the future?

Related Posts

Ethereum Price Prediction: ,000 Target Returns Amid Multi-Cycle Ascending Channel – Is ETH Ready?
Crypto Updates

Ethereum Price Prediction: $10,000 Target Returns Amid Multi-Cycle Ascending Channel – Is ETH Ready?

30 June 2025
US Treasury may publish report on federal Bitcoin holdings report: Bo Hines
Crypto Updates

US Treasury may publish report on federal Bitcoin holdings report: Bo Hines

27 June 2025
In Exactly How Much Trouble is the Ethereum Price Right Now? Analyst Weighs In
Crypto Updates

In Exactly How Much Trouble is the Ethereum Price Right Now? Analyst Weighs In

24 June 2025
AI Predicts 2026 Crypto Sector Surge as DePIN, RWA, SocialFi Steal Spotlight
Crypto Updates

AI Predicts 2026 Crypto Sector Surge as DePIN, RWA, SocialFi Steal Spotlight

21 June 2025
JPMorgan Chase to pilot JPMD deposit token on Coinbase’s Base
Crypto Updates

JPMorgan Chase to pilot JPMD deposit token on Coinbase’s Base

18 June 2025
Shaquille O’Neal Agrees to .8M Settlement Over FTX Endorsement Lawsuit
Crypto Updates

Shaquille O’Neal Agrees to $1.8M Settlement Over FTX Endorsement Lawsuit

15 June 2025

[convertful id="153816"]

by CurrencyRate.Today
  • Home
  • Disclaimer
  • Privacy Policy
  • Digital Millennium Copyright Act Policy (DMCA)
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us
CRYPTO NEWSMART

Copyright © 2021 Crypto Newsmart.

No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • ALTCOIN
    • ETEREUM
    • NFT’s
    • CRYPTO PRICE ANALYSIS
  • LEARN CRYPTO
  • CRYPTO EXCHANGES
  • BLOCKCHAIN
  • MINING
  • SCAM ALERT
  • PRESS RELEASE

Copyright © 2021 Crypto Newsmart.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Manage Cookie Consent

We use cookies to optimise our website and our service.

Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
Preferences
{title} {title} {title}