SBF is accused of bribing Chinese government officials with $40 million in cryptocurrency to unfreeze Alameda Research accounts

2023-03-29 10:00:38

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ChainCatcher news, FTX founder SBF is accused of authorizing the payment of $40 million in cryptocurrency to one or more Chinese government officials to unfreeze accounts related to his cryptocurrency business.

The indictment states that Chinese law enforcement froze the accounts of the two largest cryptocurrency exchanges in China in early 2021, including certain cryptocurrency trading accounts of Alameda Research, which contained approximately $1 billion worth of cryptocurrency.

After multiple attempts to unfreeze the accounts through lawyers and lobbying failed, SBF directed and authorized the bribery of one or more Chinese officials to entice them to unfreeze some of the accounts. A portion of the cryptocurrency bribe, valued at approximately $40 million at the time, was transferred from Alameda Research's main trading account to a private cryptocurrency wallet in November 2021, and the frozen accounts were also unfrozen around the same time. (Bloomberg)

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