During a regular press briefing on the report, Chinese foreign ministry spokesman Mao Ning was asked about FTX, a bankrupt exchange whose co-founder Sam Bankman-Fried (SBF) paid $40 million in bribes to Chinese officials. Mao Ning replied:
“I don’t know if that’s true.”
That came after U.S. federal prosecutors filed another charge against SBF on Wednesday, accusing him of paying $40 million in bribes to Chinese officials and attempting to unlock the phone. Hedge fund accounts have been frozen.
Spokesperson of the Chinese Ministry of Foreign Affairs #SBFAlleged bribery of Chinese officials #FTX https://t.co/B3hOknW7EN
— Kyptos (@azcoinnews) March 29, 2023
The news shocked the financial world, as FTX is a major player in the cryptocurrency market. It is unclear how this will affect FTX operations, but it will be closely watched by investors.
In addition to the charges, an FTX bankruptcy judge reportedly authorized the sale of $45 million of FTX assets held by Sequoia Capital funds to the Abu Dhabi Sovereign Wealth Fund, the investment arm of Abu Dhabi. This move shows that FTX is trying to raise funds to pay off creditors and settle debts.
News of the alleged bribery and sale of FTX assets comes after the company filed for bankruptcy protection in November 2022. At that time, SBF declared bankruptcy due to various factors including the crypto market crash and massive margin calls.
The development of the FTX story has the potential to have profound implications for the company and the broader cryptocurrency market. As new details are revealed, it will be interesting to see how this develops and the implications for the future of FTX and the wider financial world.
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according to Kyptos