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In the newest charge, prosecutors alleged on Tuesday that the former billionaire bribed Chinese officials after his trading firm, Alameda Research, was locked out of trading accounts on two of China’s crypto exchanges.
After the officials received an initial $40 million payment and unlocked the accounts, Bankman-Fried directed his employees to transfer “tens of millions of dollars in cryptocurrency to complete the bribe,” according to court documents.
Bankman-Fried nervously nodded and smiled at reporters as he entered the courtroom. He did not answer questions.
Cohen said he plans to challenge the charges based on extradition rules.
Because extradition treaties are cooperative agreements between two countries, both countries must agree to the charges and rules surrounding the surrender of a defendant. Cohen could argue that federal prosecutors skirted Bahamian authorities when bringing the additional charges. Bankman-Fried did not challenge his extradition, but handed himself over to U.S. authorities in December.
His criminal trial is scheduled to begin in October.
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( With inputs from : www.politico.com )
