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Disgraced FTX CEO Paid $40 Million in Bribes to Chinese




Breitbart: Disgraced FTX CEO and Democrat mega donor Sam Bankman-Fried paid over $40 million in bribes to at least one Chinese government official, the Department of Justice (DOJ) alleged in a new indictment on Tuesday.

Federal prosecutors say that Bankman-Fried and his associates “directed and caused the transfer” of at least $40 million in cryptocurrency “intended for the benefit of one or more Chinese government officials in order to influence and induce them” to unfreeze some accounts belonging to the FTX co-founder’s hedge fund, Alameda Research, according to a report by CNBC. The Alameda Research accounts were the target of a freezing order from Chinese police “in or around” November 2021, the DOJ says.

The new indictment also claims that Bankman-Fried and others tried “numerous methods” to unfreeze the accounts, which contained roughly $1 billion in cryptocurrency.

After their efforts failed, the disgraced FTX co-founder allegedly directed a multi-million dollar bribe to unfreeze the accounts. Once the accounts were unlocked, Alameda Research used the assets to continue funding its loss-generating trades.

By November 2022, FTX and Alameda Research collapsed after Bankman-Fried told investors that the cryptocurrency exchange was facing a major shortfall of up to $8 billion from withdrawal requests and needed emergency funding. Shortly after that, FTX filed for bankruptcy and Alameda Research shut down. In December, Bankman-Fried was charged with eight criminal accounts, including securities fraud and money laundering. Last month, the disgraced FTX co-founder was hit with four more charges relating to commodities fraud and making unlawful political contributions.

In January, the 30 year-old pleaded not guilty in Manhattan federal court.

The latest indictment on Tuesday suggests that the federal government has obtained new evidence about Bankman-Fried’s international dealings. End Breitbart.

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