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Crypto Seizure Over China Bribes
U.S. authorities are trying to take control of Sam Bankman-Fried’s crypto, which they believe was used to bribe Chinese officials. This petition, filed in November 2023, targets about $18.5 million in crypto linked to bribery payments.
The Bribery Allegations
In 2021, Chinese authorities froze $1 billion worth of crypto from Alameda Research, a firm tied to FTX. Prosecutors claim Bankman-Fried sent $40 million in Tether (USDT) to a private wallet to unfreeze these accounts. Afterward, more payments were allegedly made to complete the bribe.
Crypto Accounts in Question
The U.S. government is focusing on a Binance account that was used for the bribe payments. The account had several wallets receiving Bitcoin and other cryptocurrencies, which were converted into different coins. Former Alameda CEO Caroline Ellison testified the total bribe might have been as high as $150 million.
Court Seizure and Legal Fallout
In December 2023, the court ordered the seizure of the crypto. Bankman-Fried is already serving a 25-year sentence for his involvement in the FTX collapse, though he’s appealing the decision.
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