Sam Bankman-Fried has been charged with bribery in the US. The founder of bankrupt crypto platform FTX allegedly paid a $40 million bribe to at least one Chinese official.

CNBC Accounts of Bankman-Fried’s investment firm Alameda Research were reportedly frozen by Chinese police in or around November 2021. Bankman-Fried allegedly paid at least $40 million in crypto in an attempt to influence or trick one or more Chinese officials into releasing some of these accounts.

Billions of dollars are frozen in cryptocurrency

These accounts reportedly held around $1 billion worth of cryptocurrency. Bankman-Fried would have tried to regain access to the accounts through legal means and their personal influence. After this failed, prosecutors say he ordered millions of dollars in bribes.

Bankman-Fried has long been charged with fraud and conspiracy in the US for his role in the collapse of FTX after irregularities were discovered in the crypto platform’s accounting. He is under house arrest. Bankman-Fried maintains her innocence.