FTX founder now facing bribery charges
Federal prosecutors on Tuesday charged Sam Bankman-Fried, founder of the cryptocurrency exchange FTX, with bribing one or more Chinese officials with $40 million. The rewritten indictment alleges Bankman-Fried, also known as SBF, paid the bribe to unfreeze $1 billion in assets Chinese authorities had frozen during an investigation.
What does this mean for SBF? He now faces 13 charges and has a new hearing scheduled for Thursday. SBF is currently out of jail on a $250 million property/personal recognizance bond and living with his parents in Palo Alto. FTX filed for bankruptcy in November.
Dig deeper: Read Janie B. Cheaney’s column in WORLD Magazine about an idealistic movement that ignores our fallen nature.
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