FTX co-founder Sam Bankman-Fried paid out tens of millions of dollars worth of bribes to at least one Chinese government official, federal prosecutors alleged in a new indictment Tuesday.
The indictment said accounts belonging to Bankman-Fried's hedge fund, Alameda Research, were the target of a freezing order from Chinese police "in or around" November 2021.
Bankman-Fried and his associates considered and tried "numerous methods" to unfreeze the accounts, which contained around $1 billion worth of cryptocurrency, prosecutors allege.
Ultimately, after both legal and personal efforts failed, Bankman-Fried agreed to and directed a multimillion-dollar bribe to have the frozen accounts unlocked, prosecutors alleged.
Bankman-Fried now faces a federal indictment and civil charges from both the Securities and Exchange Commission and the Commodity Futures Trading Commission.