US charges Sam Bankman-Fried for bribing Chinese officials

New York: US officials alleged that former FTX chief Sam Bankman-Fried authorized bribes of at least $40 million to Chinese officials, according to an updated indictment filed Tuesday.The payments came after Chinese officials in early 2021 froze some $1 billion in cryptocurrency trading accounts controlled by FTX affiliate Alameda, according to an amended criminal indictment signed by US Attorney Damian Williams.The move amounts to a 13th criminal charge against the former cryptocurrency highflyer, for "conspiracy to violate the anti-bribery provisions of the Foreign Corrupt Practices Act."Bankman-Fried has also been charged with wire fraud, conspiracy to commit money laundering as well as election finance violations.Bankman-Fried, who has pleaded not guilty, is out on bail and living at his parent's home in California.FTX and its sister trading house Alameda Research went bankrupt in November, dissolving a virtual trading business that at one point had been valued by the market at $32 billion.The China case stemmed from a move by Chinese authorities to freeze Alameda accounts as part of what Bankman-Fried understood as a probe of an Alameda trading counterparty.Bankman-Fried and associates "tried numerous methods" to regain access to the funds, including retaining attorneys and communicating with Chinese exchanges.After months of setbacks, Bankman-Fried "ultimately agreed to and directed a multi-million-dollar bribe to seek to unfreeze the accounts," according to the indictment, adding that the accounts were unfrozen.Read all the Latest News, Trending News, Cricket News, Bollywood News,India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.