Made in China. Legal cases related to the collapse of some exchanges major are unfortunately common (crypto)currencies. The bankruptcy proceedings it appears to be heading towards immediate result Gox customers after more than a decade of waiting. Also responsible for the FTX affair they are always looking get the funds back illegally paid by their former leaders. AND a procedure that involves the major American political partiessprinkled widely by Sam Bankman-Fried. But also—and that’s another story— bribes paid to Chinese officials…
- Former customers of Mt. Gox finally got their BTC back after a decade of waiting with a huge potential profit.
- The FTX affair also exposes a corruption scandal involving bribes paid to Chinese officials to release illegally frozen funds.
FTX: Funds recovery continues
As part of a bankruptcy proceedings as FTXthe game is to try to recover as many funds as possible repay creditors while waiting. And even if the promised return is made according to an absolutely scandalous calculus for the victims concerned.
See how former clients of Mt. Gox finally get your BTC back after ten years of waiting… but around 15,000% profit. While at the same time, FTX commits around 120% of the relevant amount…for valuable cryptocurrencies on the day of his collapse.
Regardless, the goal remains to obtain maximum funds from FTX clients distributed everywhere by Sam Bankman-Fried and his gang. And this can take many forms, such as “gifts” to your family or bribes to influential figures.
AND application of corruption visibly carried out on Chinese territory. Especially with a $150 million payment intended to unlock $1 billion detained in proceedings for money laundering. This is why the bankruptcy managers of FTX want to leave dig on the Chinese side…
$17.9 million paid in bribes
The amounts remain apparently opaque. However, the prosecutors in charge of the FTX case seem to have certain elements regarding a payment of $40 million in USDT carried out in November 2021. The goal? AND first payment designed to unfreeze billions of dollars blocked in China.
This is why a official complaint has just been submitted. About this $17.9 million stayed very well on an account on the Binance platform. More specifically, $8.6 million in December 2023 current capital gains.
“After confirming that the funds were not frozen, Sam Bankman-Fried authorized additional payments of tens of millions of dollars in cryptocurrencies to supplement the bribe”
US Justice Complaint
The Binance account involved in the matter still holds a cryptocurrency wallet consisting of SOL, ADA, XRP, IC and AVAX. The goal, of course, is for the American justice system to have access to it retrieve held funds and related data. At the same time, former co-CEO of Alameda Research, Sam Trabuco, just lost $70 million and a yacht as part of his trial.