Sam Bankman-Fried pleads not guilty to latest round of federal fraud charges
The U.S. attorney's office for the Southern District of New York unveiled its third round of criminal charges against the disgraced ex-CEO of FTXthat was unsealed on Tuesday. This time, the focus was on Bankman-Fried allegedly bribing a foreign government.
Prosecutors allege that Bankman-Fried — who arrived at the courthouse about an hour before the hearing, looking disheveled after an intense media scrum — directed the payment of at least $40 million in cryptocurrency to one or more Chinese government officials to an attempt to unfreeze trading accounts tied to his crypto hedge fund, Alameda Research.
Bankman-Fried and his associates considered and tried "numerous methods" to unfreeze the accounts, which contained around $1 billion worth of cryptocurrency, prosecutors allege. Ultimately, after both legal and personal efforts failed, Bankman-Fried agreed to and directed a multimillion-dollar bribe to have the frozen accounts unlocked, prosecutors alleged.
Bankman-Fried's hedge fund then allegedly used the unfrozen assets to continue to fund Alameda's loss-generating trades, continuing on what the government says was a fraud upon customers and investors for another year.
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