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FTX founder now facing bribery charges

FTX founder Sam Bankman-Fried leaves Manhattan federal court in New York, Feb. 16. On Tuesday, Bankman-Fried is accused in new indictment of paying $40 million bribe to unlock frozen crypto in China. Associated Press/Photo by John Minchillo, File

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.

Josh Schumacher

Josh is a breaking news reporter for WORLD. He’s a graduate of World Journalism Institute and Patrick Henry College.

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