Ex-FTX CEO Sam Bankman-Fried Hit with New Charges in Multi-Billion Fraud Case

• Sam Bankman-Fried (SBF), the co-founder of FTX, has been indicted by a federal grand jury with twelve charges including conspiracy to commit wire fraud, commodities fraud, securities fraud and money laundering.
• A new indictment was unsealed on February 22nd adding four more charges to SBF’s case including operating an unlicensed money transmitter business and conspiracy to commit bank fraud.
• The newly revised indictment alleges that SBF exploited the trust customers placed in him and his exchange, stole customer deposits and used stolen funds for a variety of purposes.

Sam Bankman-Fried Charged With Multi-Billion Dollar Fraud

Former FTX CEO Sam Bankman-Fried (SBF) is facing a multi-billion dollar fraud case after being indicted by a federal grand jury in Manhattan on Wednesday. The 72 day old indictment includes eight different offenses such as conspiracy to commit wire fraud, securities fraud, commodities fraud, and money laundering.

Four New Charges Added To SBF’s Indictment

The newly revised indictment adds four more charges against SBF – operating an unlicensed money transmitter business and conspiring to commit bank fraud. Prosecutors allege that SBF “corrupted the operations of the cryptocurrency companies he founded and controlled” through systems and schemes allowing him access to customer deposits without detection. He is also accused of defrauding customers in connection with derivatives purchase/sale as well as making unlawful political contributions and defrauding the FEC.

Multi-Billion Dollar Theft Allegations Against SBF

The new indictment claims that SBF exploited the trust that customers placed in him and his exchange, stealing their deposits totaling billions of dollars for various uses. It further states that he “perpetrated this multibillion-dollar fraud through a series of systems and schemes” granting him access to FTX customer deposits without detection.

Impact Of New Charges On SBF’s Case

The additional charges are likely going to have major implications on Sam Bankman- Fried’s case as they further incriminate him in multiple counts of corruption within cryptocurrency industry operations & regulation through fraudulent activities such as theft, money laundering etc..


It remains to be seen what impact these new charges will have on Sam Bankman – Fried’s case but it is clear from the revised indictment that prosecutors are seeking greater accountability from crypto exchanges founders for any wrongdoings committed under their watch.