Home » Crypto Entrepreneur Sam Bankman-Fried, Arrested for Financial Fraud in December, Also Indicted for Bribery

Crypto Entrepreneur Sam Bankman-Fried, Arrested for Financial Fraud in December, Also Indicted for Bribery

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Crypto Entrepreneur Sam Bankman-Fried, Arrested for Financial Fraud in December, Also Indicted for Bribery

The US federal prosecutor has filed a new indictment against Sam Bankman-Fried, founder and former CEO of the cryptocurrency exchange platform FTX, previously accused of wire fraud, money laundering and conspiracy to commit fraud. The new accusation is that of having paid a bribe of 40 million dollars to Chinese officials to convince them to unfreeze the accounts of his investment fund, Alameda Research, which deals with financial trading. By doing so, he allegedly violated the Foreign Corrupt Practices Act, which punishes US citizens who bribe foreign government officials.

The case of Bankman-Fried and FTX was one of the biggest scandals ever in the cryptocurrency sector: it led to the bankruptcy of the company and then to the arrest of its founder, who at the time of the arrest was living in the Bahamas, where he lived and the company was headquartered. In particular, Bankman-Fried was accused of having used the money deposited by FTX clients to finance his separate business – Alameda Research, in fact – with the aim of making generous political donations and large private real estate purchases, thus losing about eight billion dollars of investments and the savings of thousands of people.

– Read also: The fraud allegations against cryptocurrency entrepreneur Sam Bankman-Fried

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