Key Highlights
- Sam Bankman-Fried denied bribing Chinese officials with $40 million, claiming FTX customer funds were largely repaid and bankruptcy mismanagement worsened the company’s troubles.
- Blockchain analysts traced FTX wallets showing a $40 million transfer in November 2021, raising questions about SBF’s role in alleged bribery and suspicious fund movements.
- Political and legal pressures mount as reports emerge of lobbying efforts for SBF’s pardon despite his 25-year fraud sentence, keeping the FTX saga in the spotlight.
Sam Bankman-Fried (SBF), the convicted FTX Founder, is back in the headlines. Through posts on his X account, which is currently managed by a close friend, he denied claims that he bribed Chinese officials with $40 million.
In recent posts on X, SBF addressed accusations that he bribed Chinese officials to unfreeze funds tied to FTX-linked accounts. When asked, “Riddle me about the $40M transfer to Chinese authorities you hid from the public?,” by popular onchain investigator ZachXBT, SBF said that it was paid to unfreeze the funds.
“Chinese exchanges stole $1b and offered to give $960m back. What should we have done—said ‘nah, keep the full $1b’?,” he clarified.
SBF defends solvency and criticizes FTX management
With an X post, shared a few days ago, SBF asserted that the company remained solvent when he was removed from control. Moreover, he accused FTX’s current leadership, led by John J. Ray III, of deliberately mismanaging the estate.
According to SBF, the firm still possesses enough assets to repay all customers and cover the $6.5 billion disputed claims reserve. He also referenced ongoing legal disputes involving Chinese creditors and alleged that the current debtors were withholding rightful repayments.
However, the controversy grew when blockchain investigator ZachXBT questioned SBF’s claims, pointing to a 2023 post that traced FTX wallets involved in suspicious transactions.
On-chain investigators trace alleged $40M transfer
On-chain researcher DefiSquared tracked FTX-related wallet activity that could point to the alleged bribe. He found that one wallet tied to the Multichain exploiter moved more than 1,000 WBTC, later converting it to USDT. Interestingly, one of these wallets received $40 million from FTX in November 2021—the same time prosecutors say SBF allegedly bribed Chinese officials.
Meanwhile, FTX creditor Arush is also in the mix; he shared posts on X alleging corruption within the bankruptcy proceedings. He accused current CEO John J. Ray III of misconduct, inflated legal fees, and manipulating asset sales. “We successfully kept a perfectly solvent company in bankruptcy,” Arush quoted Ray in a satirical post highlighting alleged conflicts of interest involving major law firms and political figures.
Political and legal pressures intensify
Earlier this year, investigative journalist Laura Loomer added a new dimension to the case, claiming that a “highly mobilized and well-funded” campaign is underway to lobby for SBF’s pardon by the U.S. President Donald Trump. Loomer warned that operatives were trying to portray SBF as a political victim despite his conviction and 25-year prison sentence for fraud and campaign finance violations.
The resurfacing of SBF’s voice through social media intensifies scrutiny over FTX’s bankruptcy, the alleged $40 million bribe, and growing claims of systemic misconduct. The debate highlights the clash between people defending SBF, saying FTX was still solvent, and those accusing him of one of the biggest frauds in crypto history. While the bribe claim remains unproven, SBF’s continued online defense shows the FTX story is far from over.
Also Read: SBF Claims Biden Administration Targeted Him Over GOP Donations
