• Federal prosecutors have accused Sam Bankman-Fried, former CEO of failed cryptocurrency exchange FTX, of attempting to bribe Chinese officials.
• He is already facing 8 criminal counts of fraud and conspiracy and could face more than 155 years in prison if convicted.
• Judge Lewis A. Kaplan approved a modification to Bankman-Fried’s bail terms to limit his access to the internet.
Former CEO of failed cryptocurrency exchange FTX, Sam Bankman-Fried (SBF), is facing eight criminal counts of fraud and conspiracy for attempting to bribe “one or more” Chinese government officials with $40 million. The goal was to release $1 billion worth of frozen digital assets belonging to his hedge fund, Alameda Research. If convicted on all counts he could face more than 155 years in prison; the trial has been scheduled for October.
The collapse of FTX caused industry wide shockwaves as it had been one of the largest and most trusted exchanges prior to its bankruptcy. Three SBF’s former business partners including co-founder Gary Wang and Alameda Research CEO Caroline Ellison have already pleaded guilty to their respective charges related to the case.
Modification To Bail Terms
Judge Lewis A. Kaplan approved a modification to Bankman-Fried’s bail terms on Tuesday which will restrict his access to the internet via a laptop provided by his lawyers only when necessary for defense preparation using a database accessed through a virtual private network (VPN).
In addition, SBF contributed money without proper documentation towards American politicians while living in the Bahamas; he allegedly devised fraudulent schemes with the aim of stealing deposits from FTX in order finance risky bets at Alameda Research.
SBF remains under house arrest at his parents’ home in Palo Alto, California with limited movement awaiting arraignment on five other criminal counts and possible additional charges pending further investigation by federal prosecutors leading up trial set for October 2021