• FTX former is facing a new indictment of 13 counts filed by United States attorney Damian Williams.
  • The filing accused Sam Bankman Fried of attempting to unfreeze $1 billion worth of assets held in Alameda Research’s accounts.
  • Sam Bankman Fried was charged with bribery hours after reaching an agreement with US prosecutors over his bail conditions.

FTX founder Sam Bankman-Fried is once again facing trouble at the hands of United States law enforcement. The ongoing prosecution of the disgraced executive continues, with Bankman-Fried facing a new charge on March 28.

FTX founder in trouble over Chinese officials

As per a court filing by United States attorney Damian Williams, Sam Bankman-Fried is currently facing bribery charges. A new 13-count indictment from the authorities accused the former FTX Chief Executive Officer (CEO) of bribing Chinese government officials.

The indictment noted that Bankman-Fried, along with other entities, transferred the $40 million in the form of cryptocurrency to unfreeze the digital asset accounts related to FTX’s sister company Alameda Research. The accounts are said to be holding over $1 billion in crypto assets, which were frozen by two of China’s largest crypto exchanges in 2021. 

The court filing further noted,

“After months of failed attempts to unfreeze the accounts, Samuel Bankman-Fried discussed with others and ultimately agreed to and directed a multi-million-dollar bribe to seek to unfreeze the accounts.”

The new charge has added to the already existing 12 charges against the former executive. Earlier last month, Sam Bankman-Fried was hit with four new charges by the prosecutors, which included donating millions of Dollars to influence politicians in the US.

The bribery charge against the ex-CEO came a mere hours after the prosecutors and Bankman-Fried’s lawyers reached an agreement regarding his bail conditions.

Sam Bankman-Fried bail conditions set

After demanding an extension last month to file a proposal for additional bail conditions, Sam Bankman-Fried’s lawyers finally reached an agreement with the US prosecutors on March 28. The revised conditions were agreed upon after it was suggested Bankman-Fried should be sent to jail until trial.

As per the new conditions, Sam Bankman-Fried would be granted a new mobile phone, albeit with no internet access, along with a laptop with limited functions. The conditions were applicable to the FTX founder’s parents as well, who signed affidavits assuring they would not be bringing prohibited devices into their home.

The former CEO of the collapsed crypto exchange is set to face the jury on October 2 when his criminal charges trial for stealing customer funds begins.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Polygon joins forces with WSPN to expand stablecoin adoption

Polygon joins forces with WSPN to expand stablecoin adoption

WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.

More Cryptocurrencies News
Coinbase envisages listing of more meme coins amid regulatory optimism

Coinbase envisages listing of more meme coins amid regulatory optimism

Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.

More Crypto News
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week. 

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP