Bankman-Fried slapped with new charges of using stolen funds for politics

On Monday, US federal prosecutors filed a new superseding indictment against Sam Bankman-Fried, accusing the FTX founder of deploying stolen customer funds to raise more than $100 million in the lead-up to the 2022 United States midterm elections. The 31-year-old billionaire faces seven counts of conspiracy and fraud accounts in connection to the dropping values of the crypto exchange which saw his net worth drop from an estimated $26billion to billions. In addition, it claims he also aided federal and regulatory efforts promote his crypto-friendly regulation in an aim to use corporate donations to dodge contribution limits.

Amid claims of unlawful contact with witnesses previously, Bankman-Fried has been ordered to remain in jail ahead of his October 2nd trial, nullifying the $250 million bond previously issued) and his largely confined to his Palo Alto home address. When reached for comment, Bankman-Fried’s spokesman Mark Botnick declined to do so.

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