Former CEO and owner of the infamous FTX cryptocurrency exchange Sam Bankman-Fried do not recognize himself guilty of the new charges against him. According to the US Attorney’s Office, he is suspected of giving a $40 million bribe to at least one Chinese official.
Thus, the number of counts against Bankman-Fried increased to 13.
In early 2021, as the Chinese government turned on cryptocurrencies, FTX accounts were banned from two of the country’s largest exchanges (the name was not made public). Sam Bankman-Fried tried to find a solution to this problem. He tried to pay an official or officials to unlock his accounts.
Sam Bankman-Freed is currently awaiting trial at his parents’ home. The trial is to take place in October this year. It will last about four weeks. Until that time, the prosecution must collect evidence of Bankman-Fried’s guilt. Federal Attorney Daniel Sassoon argues that the evidence is already quite sufficient, and a large number of documents will be handed over to the defense in the near future.
The prosecution’s case relies on allegations that Bankman-Fried and other FTX executives used the crypto exchange’s assets to fund a subsidiary of Alameda Research without the consent or knowledge of users or investors.
In addition, the prosecution alleges that he conspired to commit securities fraud, conspired to commit money laundering, and violated United States campaign finance laws. Bankman-Fried is alleged to have made donations on behalf of others to bypass the $25,000 annual campaign funding limit. The former crypto billionaire already faces 115 years in prison on charges (other than trying to bribe a Chinese official).
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