The Dark Underbelly Of Cryptocurrency: SBF And The Unmasking Of Rampant Corruption
EDITOR'S NOTE: In the world of cryptocurrencies, where innovation and decentralization are often lauded as the key to a brighter financial future, lies a shadowy realm that too often goes unmentioned. Far from the utopian vision of a liberated financial system, the cryptocurrency industry is rife with corruption, backroom deals, and nefarious activities that threaten the very foundation of digital assets. This hard-hitting and unapologetic piece dives headfirst into the story of SBF, accused of funneling a staggering $40 million in crypto bribes to CCP officials, exposing the seedy underbelly of the cryptocurrency world. As we venture into the dark corners of this digital landscape, we must confront the uncomfortable truth: corruption and deceit are alive and well in the world of cryptocurrencies, and the time has come to shine a light on these illicit dealings and demand accountability.
Federal prosecutors in Manhattan have hit FTX founder Sam Bankman Fried ("SBF") with a new 13-count indictment accusing him of funneling $40 million in cryptocurrency to 'one or more' Chinese government officials, in order to "influence and induce them" to unfreeze Alameda Research trading accounts holding over $1 billion in crypto.
He is accused of conspiring to violate anti-bribery provisions of the Foreign Corrupt Practices Act.
Source: ZeroHedge
🚨 “SBF and others directed and caused the transfer of at least $40m in cryptocurrency intended for the benefit of one of more Chinese government officials”
SBF charged with bribing Chinese officials. pic.twitter.com/wdolK5j3JD
— J (@theirish_man) March 28, 2023
Source: Twitter
In the Tuesday court filing, prosecutors asked US District Judge Lewis Kaplan to arrange a court hearing in order to arraign Bankman-Fried on the new charges.
"The S5 Indictment, which was unsealed this morning, includes the twelve counts contained in the S3 Superseding Indictment, as well an additional count for conspiracy to violate the anti-bribery provisions of the Foreign Corrupt Practices Act ('FCPA'), in violation of 18 U.S.C. § 371," reads a letter to the judge, Coindesk reports.
Source: ZeroHedge
The 31-year-old previously pleaded guilty to eight counts related to the collapse of FTX, after prosecutors accused him of stealing billions of dollars in customer assets to try and stop Alameda Research - his crypto hedge fund - from imploding.
Originally published by: Tyler Durden on ZeroHedge
