FTX’s Bankman-Fried Pleads Not Guilty to $40M Chinese Bribery Charge

Sam Bankman-Fried, the embattled
Founder of bankrupt cryptocurrency exchange, FTX, on Thursday pleaded not
guilty to new charges from US prosecutors, including bribing Chinese officials
with $40 million. The 31-year-old crypto entrepreneur also pleaded not guilty
to conspiracy to violate campaign finance regulations through unlawful
political donations.Bankman-Fried Pleads Not Guilty
to Campaign Law ViolationOn Tuesday, US prosecutors expanded the 12 count of charges against Bankman-Fried to 13, alleging the former
FTX CEO in 2021 transferred approximately $40 million in bribes to one or more
Chinese officials to unfreeze trading accounts belonging to his hedge fund Alameda Research. The accounts were said to contain $1 billion in
cryptocurrency. Prosecutors as
a result charged Bankman-Fried with conspiracy to violate the anti-bribery
provisions of the Foreign Corrupt Practices Act.However, Bankman-Fried on
Thursday entered the not-guilty plea through his lawyer Mark Cohen at a hearing
held in a Manhattan federal court and presided over by US District Judge Lewis
Kaplan, Reuters reports. The former crypto billionaire’s formal trial has been
set for October 2nd.Finance Magnates reported that
Bankman-Fried in January pleaded not guilty to eight counts of charges. He has also been
charged with conspiracy to commit wire, bank and securities frauds, to operate
an unlicensed money transmitting business and commit money laundering. Meanwhile, three top members of
Bankman-Fried’s inner circle have pleaded guilty to criminal charges and are cooperating with
prosecutors. These include Caroline Ellison, former Alameda Research CEO;
Zixiao ‘Gary’ Wang, FTX Co-Founder; and Nishad Singh, FTX’s ex-Director of Engineering.Bankman-Fried and the Fall of FTXFTX, once the fastest-growing cryptocurrency exchange in the world, crumbled last November following a withdrawal frenzy and liquidation crisis spurred by the revelation that Bankman-Fried took billions of dollars of FTX customer funds to prop Alameda Research.Bankman-Fried was accused of causing over $8 billion in losses for FTX investors. However, the digital asset exchange Founder denied stealing customer funds but blamed the collapse of FTX on plunges in the cryptocurrency market.The FTX Co-Founder was arrested in arrested in December 2022 in the Bahamas and was extradited to the United States. He would later be granted bail on a hefty $250 million personal recognizance bond co-signed by his parents who are Standard Law professors.
This article was written by Solomon Oladipupo at www.financemagnates.com.

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