Prosecutors: Bankman-Fried bribed Chinese officials in 2021

With the new charge alleging conspiracy to violate the Foreign Corrupt Practices Act, Bankman-Fried now faces 13 criminal counts that include securities fraud, conspiracy to commit bank fraud and conspiracy to operate an unlicensed money transmitter. His criminal trial is scheduled to begin in October.

Bankman-Fried’s spokesperson declined comment. His legal team did not immediately respond to requests for comment.

Prior to FTX’s bankruptcy in November and his eventual arrest in the Bahamas, Bankman-Fried controlled one of the most powerful networks of crypto exchanges and trading firms in the world. He’d also cultivated an image as an honest broker among Washington policymakers and media members, dispensing hundreds of millions of dollars in political contributions, philanthropic donations and grants.

FTX’s bankruptcy and Bankman-Fried’s criminal trial derailed ongoing efforts in Congress and within federal agencies to develop a rulebook for the nascent cryptoasset industry, which has since faced a broad crackdown on practices that industry skeptics say have harmed consumers and investors.