From fry pan to fire, that has been the case of the former CEO of the bankrupt cryptocurrency exchange FTX since its collapse in November, thus far, Sam Bankman-Fried is facing a total of 13 criminal charges.

According to a new indictment, Bankman-Fried allegedly bribed a Chinese government official with $40 million in order to make them freeze accounts owned by the trading arm of FTX, Alameda Research.

Back in 2021, Chinese officials, as part of an investigation into Alameda Research, froze the accounts of the trading firm on two of China’s largest cryptocurrency exchanges, both accounts are said to contain crypto worth more than $1 billion.

In the same year, the former CEO of FTX attempted to unfreeze the account through legal means and by lobbying, after all his effort through these means failed, he, however, resorted to bribing Chinese officials in November of the same year to get the account unfrozen.

To move the crypto out of the frozen accounts, SBF created some fraudulent accounts on Chinese exchanges using the identity of random people who are not in any way related to FTX and its trading arm, Alameda Research. After paying $40 million to the officials, he then transferred crypto into the newly created accounts and also sent crypto worth tens of millions in crypto to a wallet in order to complete the payment for his bribe.

FTX exchange was one of the world’s leading cryptocurrency exchanges, in November 2022, it went bankrupt, spurring a notable drop in the crypto market cap, since the collapse of FTX, and to ensure that consumers are well protected, regulators have been scrutinizing crypto firms more than they used to be, Kraken exchange, and Paxos, amongst others, are victims of intense regulatory scrutiny.

Coinbase last week received a Wells Notice from the US financial regulators, informing Coinbase of possible litigation, also, Binance has been sued by the US CFTC over offering unregistered derivative products.

Bankman-Fried was however arrested in the Bahamas in December of 2022, after which he was extradited to the US, currently, he has been freed on a $250 million personal recognizance bond.

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