• Sam Bankman-Fried, the former crypto executive of FTX, has been accused of violating the Foreign Corrupt Practices Act by attempting to bribe Chinese officials.
• He allegedly tried to send money to Chinese officials so they would unfreeze $1 billion held in Alameda Research, his crypto trading hedge fund.
• U.S. attorney Damian Williams is working hard to ensure justice is done for this case.

Sam Bankman-Fried Facing Bribery Charges

Sam Bankman-Fried – the former crypto executive behind popular digital currency trading platform FTX – has been charged with violating the Foreign Corrupt Practices Act by allegedly attempting to bribe officials from China. Prosecutors claim that Sam Bankman-Fried attempted to send money to Chinese officials so they would unfreeze roughly $1 billion under his name, which is being held through his secondary company Alameda Research, a crypto trading hedge fund. With these new charges, Sam Bankman-Fried is now facing approximately 13 separate counts in court.

Attempted Bribe Payment

The indictment reads that “in or about 2021” Sam Bankman-Fried “authorized and directed a bribe of at least $40 million” in order to influence and induce one or more Chinese government officials into unfreezing certain Alameda trading accounts containing over $1 billion worth of cryptocurrency that had previously been frozen by Chinese authorities. This was an attempt by him and others involved with Alameda to regain access to the assets in order to fund additional Alameda trading activity, as well as help them obtain and retain business relationships with their counterparty in China.

US Attorney Working on Case

U.S attorney for the Southern District of New York Damian Williams has stated that he will continue working hard until justice is done for this case, citing that court documents suggest that the assets held within Alameda were frozen as part of an ongoing investigation into a particular “Alameda trading counterparty” who was suspected of wrongdoing. In addition, it was revealed that SBF and several other people associated with him made various attempts at getting their money unlocked while communicating with exchanges based in China – all without any luck initially until they attempted bribery as a method of gaining access back into their funds.

Bribery Payment Transferred

After months without success at unlocking their funds using legal means, Sam Bankman-Fried allegedly caused a bribe payment worth cryptocurrencies equivalent at the time amounting up to around $40 million dollars be transferred from Alameda’s main trading account into a private cryptocurrency wallet belonging either directly or indirectly back SBF himself or one of his associates – thus potentially incriminating him even further if found guilty on all 13 counts currently filed against him.

Conclusion

All in all, it appears as though SBF may have gone too far with his attempts at regaining access back into his frozen funds held within Alameda Research according to prosecutors who have brought up charges against him claiming he violated foreign corruption practices laws when attempting bribery payments towards Chinese government officials in hopes they would unlock those funds for personal use – something which may result in serious consequences if he does not fight off each charge successfully upon entering court later this year or next year should further delays occur due to COVID restrictions still being heavily enforced across much of America right now (2023).