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Criminal Law

FTX Founder Charged with Paying $40 Million Bribe to Chinese Officials

FTX founder Sam Bankman-Fried was charged with directing $40 million in bribes to one or more Chinese officials to unfreeze assets relating to his cryptocurrency business in a rewritten indictment unsealed Tuesday.

The charge of conspiracy to violate the anti-bribery provisions of the Foreign Corrupt Practices Act means Bankman-Fried faces now faces a total of 13 charges after being arrested in the Bahamas last December and brought to the United States soon thereafter.

FTX filed for bankruptcy on November 11, when it ran out of money after experiencing the cryptocurrency equivalent of a bank run. Bankman-Fried has remained free on a $250 million personal recognizance bond that lets him stay with his parents in California. He has pleaded not guilty to charges that he cheated investors out of billions of dollars before his business collapsed.

Read the source article at cbsnews.com

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