Sam Bankman-Fried Hit with Additional Indictment Amid Chinese Bribery Allegations

Sam Bankman-Fried Hit with Additional Indictment Amid Chinese Bribery Allegations

Pixabay ChickenOnline

In a dramatic development, FTX founder Sam Bankman-Fried is facing a new indictment for bribery, adding to the 12 charges he already faced.

The former FTX CEO was arrested last year on charges of fraud, conspiracy, and trying to evade U.S. campaign laws. He was released on bond, with the terms of his release being a hotly debated subject between his defense team and the prosecutors.

According to the superseding indictment, Bankman-Fried is accused of attempting to bribe a Chinese government official.

SBF Allegedly Bribed Chinese Officials

The 13-count indictment now includes a charge for conspiracy to violate the anti-bribery provisions of the Foreign Corrupt Practices Act (FCPA).

Bankman-Fried has yet to be arraigned on five of the 13 total charges against him. A pre-trial conference is scheduled for March 30.

Prosecutors have accused Bankman-Fried of directing the transfer of at least $40 million of cryptocurrency to benefit Chinese government officials.

The 31-year-old former billionaire had previously pleaded not guilty to eight counts related to the collapse of FTX.

Prosecutors claim Bankman-Fried stole billions of dollars in customer funds to cover losses at Alameda Research, his crypto-focused hedge fund.

SBF Barred From League of Legends

Amid ongoing legal proceedings, Bankman-Fried's bail conditions have been a point of contention.

Recently, his lawyers reached an agreement with U.S prosecutors allowing him to remain at home while restricting the use of certain electronic devices and apps.

These proposed conditions, yet to be approved by U.S. District Judge Lewis Kaplan, would prohibit Bankman-Fried from using a smartphone with internet access and limit him to voice calls and text messaging.

He would also be required to use a basic laptop with monitoring software and refrain from using any other electronic communication devices.

As part of the new agreement, Bankman-Fried's parents have reportedly agreed to restrict his access to their devices and not bring any prohibited electronic devices into their home.

If there is a “reasonable suspicion” of a violation, he must submit his devices for a search.

SBF Could Face Upto 115 Years In Prison

The trial for Bankman-Fried is set for October 2, 2023, where he faces criminal charges of stealing billions of dollars in FTX customer funds facilitated through Alameda Research and making large illegal political donations.

He has pleaded not guilty to eight criminal counts, which could result in 115 years in prison if convicted.

As the case continues to unfold, Bankman-Fried has remained largely silent on social media platforms like Twitter, adding to the air of intrigue surrounding the legal proceedings against the former FTX CEO.