US charges FTX’s Bankman-Fried with paying US$40 mil Chinese bribe FMTNews FMTBusiness
FTX founder Sam Bankman-Fried is expected to be arraigned on Thursday before US district judge Lewis Kaplan in Manhattan federal court.
Prosecutors had previously accused Bankman-Fried of stealing billions of dollars in customer funds to plug losses at his Alameda Research hedge fund, and orchestrating an illegal campaign donation scheme to buy influence in Washington, DC.Bankman-Fried is expected to be arraigned on Thursday before US district judge Lewis Kaplan in Manhattan federal court.
Prosecutors said the Alameda accounts had been frozen as part of an investigation into an unnamed Alameda counterparty, and Bankman-Fried’s prior efforts to lobby Chinese officials to lift the freeze were unsuccessful. Bankman-Fried has pleaded not guilty to eight of the 13 counts he faces, and not yet been arraigned on the campaign finance or bribery conspiracy charges.Three onetime members of his inner circle – former Alameda CEO Caroline Ellison, former FTX technology chief Zixiao “Gary” Wang, and former FTX engineering director Nishad Singh – have pleaded guilty and agreed to cooperate with prosecutors.
The US Securities and Exchange Commission has separately threatened to sue Coinbase Global Inc over that crypto exchange’s products.
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