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US seeks to seize millions in crypto linked to Bankman-Fried bribery to China
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United States prosecutors filed a request with the court to seize around $18.5 million in cryptocurrencies, which would be linked to alleged bribes paid by FTX co-founder Sam Bankman-Fried to Chinese authorities.
The request, filed on November 12 in New York District Court, alleges that the Binance account laundered funds that were part of the bribes that Bankman-Fried allegedly offered before FTX’s collapse in 2022. The account, initially valued at US $8.6 million in December 2023, now has $18.5 million in assets.
Prosecutors’ documents explain that, in 2021, Chinese authorities froze two accounts of Alameda Research, FTX’s sister company, which contained around US$1 billion in crypto assets. In response to this action, Bankman-Fried allegedly authorized a transfer of $40 million worth of Tether to a private wallet. The objective was to bribe Chinese officials and release blocked accounts.
After the accounts were released, he would have authorized additional payments in cryptocurrencies. These payments totaled tens of millions of dollars, prosecutors said.
Case involves FTX, Sam Bankman-Fried, Binance and China
The investigation revealed that the account in question had five deposit subaccounts. SBF would have used these subaccounts to “hide or disguise” the nature of the amounts. The wallets linked to this account received regular deposits of Bitcoin and stablecoins almost every day. Bankman-Fried later converted these amounts into other cryptocurrencies.
According to the testimony of Caroline Ellison, former CEO of Alameda Research, the total amount paid in bribes reached approximately US$150 million.
On December 21, 2023, during the Bankman-Fried trial, Judge Lewis Kaplan authorized the seizure of this account. Prosecutors said it still contains cryptocurrencies, including Solana, Cardano, XRP, Internet Computer and Avalanche.
After FTX’s collapse in 2022, Bankman-Fried faced a jury and was found guilty of seven serious felonies. He received a 25-year prison sentence in March this year. The charges against him included conspiracy to commit bank fraud and bribery of foreign officials. However, the court dropped some of these charges before the final verdict.
Despite the sentence, Bankman-Fried’s lawyers continue to fight for him. On September 13, his defense filed an appeal, arguing that the trial was unfair. Furthermore, the defense claimed that the court did not treat the former FTX CEO appropriately during the process.
US seeks to seize millions in crypto linked to Bankman-Fried bribery to China
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US seeks to seize millions in crypto linked to Bankman-Fried bribery to China
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US seeks to seize millions in crypto linked to Bankman-Fried bribery to China
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US seeks to seize millions in crypto linked to Bankman-Fried bribery to China
