BREAKING: SBF Accused of Paying $40 Million in Bribes to Chinese Government Officials
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BREAKING: SBF Accused of Paying $40 Million in Bribes to Chinese Government Officials

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1 year ago

It's alleged that this was to unlock accounts that held over $1 billion in cryptocurrency.

BREAKING: SBF Accused of Paying $40 Million in Bribes to Chinese Government Officials

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Sam Bankman-Fried has been accused of bribing Chinese government officials to regain access to Alameda Research trading accounts that were frozen by law enforcement.

The embattled co-founder of FTX is facing a fresh charge amid claims he authorized a payment of $40 million to officials in Beijing.

It's alleged that this was to unlock accounts that held over $1 billion in cryptocurrency.

The incident dates back to early 2021, and U.S. officials say that SBF and others "considered and tried numerous methods to unfreeze the accounts or otherwise to regain access to the cryptocurrency in the accounts."

It's alleged that the multimillion-dollar transaction occurred in November 2021 — and around that time, the accounts were unfrozen.

The crypto was subsequently used to fund Alameda Research's trading activity.

This is the latest charge that Sam Bankman-Fried is facing — and others could emerge as we advance closer to the planned trial date in October.

SBF's lawyers have previously suggested that they may request this trial date to be pushed back.

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