FTX Founder SBF Gets Hit With 4 New Criminal Charges

By Kevin • February 24, 2023 2:26 pm • Comments

The case of the FTX collapse continues to see new developments as the FTX founder Sam-Bankman Fried just got 4 new criminal charges.

The new criminal changes include things like fraud and making prohibited political contributions which will significantly extend the charge if confirmed to be true.

Details have shown that SBF had made hundreds of different political donations which went directly against campaign finance laws.

Trending: Here’s How Much Crypto VP Kamala Harris and Second Gentleman Doug Emhoff Own

These new revelations have been made while SBF has been released on bail after satisfying a $250 million bail.

The former CEO had also been accused of illegally accessing digital assets while on bail which could potentially disqualify the bail.

CNBC reports:

Bankman-Fried is accused of stealing FTX customer deposits and using billions of dollars of those stolen funds to support FTX’s and Alameda’s operations and investments, to fund speculative investments, to make charitable contributions, and to enrich himself, the indictment notes.

He also tried “to purchase influence over cryptocurrency regulation in Washington, D.C., by steering tens of millions of dollars in illegal campaign contributions to both Democrats and Republicans,” according to the new indictment, which was was unsealed in U.S. District Court in Manhattan.

Before the criminal case, SBF was known as a major donor to Democrats.

Bankman-Fried, who remains free on a $250 million personal recognizance bond after being first charged in late 2022, has pleaded not guilty in the case.

While SBF is being hit with many different criminal charges, the company FTX has recently been focused on retrieving as much assets as possible.

The goal is to ultimately be able to return as much assets to the customers as possible although many believe that it will be difficult to retrieve the full value of the assets that were lost.

It is also expected to be quite a lengthy process so customers are likely to be unable to access their crypto for at least a couple years.

The exchange also had a long list of creditors that had been affected by the collapse which included many Fortune 500 firms.

As a result, it is clear why the FTX collapse had a large impact as it seems that the effects extend beyond just the crypto industry.

Yahoo reports:

Bankman-Fried used the political giving “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,” the indictment alleges.

The campaign “involved flooding the political system with tens of millions of dollars in illegal contributions to both Democrats and Republicans made in the names of others in order to obscure the true source of the money and evade federal election law,” the indictment says.

Bankman-Fried has pleaded not guilty to the earlier charges and is out on bail, living with his parents, while he awaits trial. In numerous media interviews, he has admitted to ignorance and said he made major mistakes; he has not admitted to any criminal wrongdoing.

Join the conversation!

We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.

 

Search ProCoinNews