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FTX founder faces bribery charges
published on 2023-03-30 09:29:57 UTC by Simon FinlayContent:
The man behind the crashed crypto exchange FTX faces a total of 13 charges including new allegations of bribery.
FTX founder Sam Bankman-Fried has been charged with bribing Chinese officials with payments of at least $40m (£32.4m).
FTX is thought to have had up to 80,000 UK clients, who stand to suffer substantial losses.
Prosecutors claim he sent the payment to unfreeze accounts belonging to his hedge fund linked to FTX.
The accounts of his trading firm Alameda Research, which Chinese authorities had frozen, are said to have held more than $1bn (£812m) in cryptocurrency, according to reports.
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Prosecutors say they were unfrozen after the alleged bribe payment in late 2021.
Bankman-Fried is accused of transferring tens of millions of dollars worth of extra crypto to complete the bribe.
The 31-year-old has already pleaded not guilty to eight counts over the collapse of FTX last year.
It ran out of money on 11 November after the cryptocurrency equivalent of a bank run.
Prosecutors say Bankman-Fried stole billions of dollars in customer funds to plug losses in Alameda.
He faces a total of 13 charges.
https://securityjournaluk.com/ftx-founder-faces-bribery-charges/?utm_source=rss&utm_medium=rss&utm_campaign=ftx-founder-faces-bribery-charges
Published: 2023 03 30 09:29:57
Received: 2023 03 30 09:45:54
Feed: Security Journal UK
Source: Security Journal UK
Category: Security
Topic: Security
Views: 2
