CryptoFormer Alameda CEO: Bribing Chinese Officials to Release Funds on Chinese Exchanges

Former Alameda CEO: Bribing Chinese Officials to Release Funds on Chinese Exchanges

Former Alameda CEO Caroline Ellison testified in court that she and several executives at FTX and Alameda “paid large bribes to Chinese officials” to unlock funds locked on Chinese exchanges.

Ellison testified that about $1 billion worth of SBF accounts were frozen when he was CEO in 2020, and after the FTX/Alameda team initially failed to negotiate with the Chinese government through lawyers to unlock the funds, they then tried to negotiate a deal involving the creation of A plan to free funds from a fake exchange account named after a “Thai prostitute” failed again. Ultimately, the funds were secured after Ellison paid $100 million into a crypto account that she learned was somehow connected to Chinese government officials.

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Andrew
Andrew
Self-taught investor with over 5 years of financial trading experience Author of numerous articles for hedge funds with over $5 billion in cumulative AUM and Worked with several global financial institutions. After finding success using his financial acumen to build an investment portfolio, Andrew began writing and editing articles about the cryptocurrency space for sites such as chaincryptocoins.com, ensuring readers were kept up to date on hot topics such as Bitcoin and The latest news on digital currencies and Ethereum.

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