Until just last year, it seemed certain that the titans of cryptocurrency would be able to ride the wave of innovation and enthusiasm indefinitely. However, since his company’s collapse last November, crypto exchange FTX founder, Sam Bankman-Fried, has proven that belief wrong.
On top of the manifold crimes he has already been charged with since surrendering to authorities in the Southern District of New York, Bankman-Fried has now been charged with attempting to bribe Chinese officials with $40 million in crypto in exchange for favorable treatment by the government of China. As with several of his other charges, this new charge relates to Bankman-Fried’s actions related to Alameda Research, FTX’s sister company.
According to prosecutors, this attempted bribery fits a pattern with other quasi-legal contributions made by Bankman-Fried. In a filing earlier this year, prosecutors wrote that Bankman-Fried “perpetuated his campaign finance scheme at least in part to improve his personal standing in Washington, D.C., increase FTX's profile, and curry favor with candidates that could help pass legislation favorable to FTX or Bankman-Fried's personal agenda, including legislation concerning regulatory oversight over FTX and its industry.”