Finance Monthly. 7 The Mon t h l y Round -Up THE BANK OF ENGLAND ON “HEIGHTENED” ALERT FOR FURTHER TURMOIL IN THE BANKING SECTOR Accusations have been made against Sam Bankman-Fried, the founder of the now-defunct cryptocurrency company FTX, for allegedly offering a bribe to at least one Chinese official. The US authorities unveiled the latest charges, claiming that the entrepreneur authorized a bribe of “at least $40m” to regain access to trading accounts that were frozen by Chinese regulators. These allegations add to the fraud case brought against Bankman-Fried last year after the collapse FTX FOUNDER ACCUSED OF CHINESE BRIBE of FTX. Although he pleaded not guilty to the previous charges, he is currently under house arrest at his parents’ residence in California while waiting for his trial. As per the updated indictment, Mr. Bankman-Fried endorsed the bribe after Chinese authorities froze accounts owned by his trading company, Alameda Research, holding approximately $1bn worth of cryptocurrency. The accounts were released after the transfer, which went to a private cryptoThe governor of the Bank of England has stated that the bank is on “heightened” alert for potential further turmoil in the banking world. However, he reassured MPs that recent problems faced by lenders have not caused stress in the UK banking system. Officials have sought to calm investors after the failures of Silicon Valley Bank and Signature Bank led to concerns about the stability of other lenders. The concerns over Swiss banking giant Credit Suisse in Europe resulted in a hasty takeover by rival UBS, leading to sharp falls in banking shares worldwide and nervousness among investors. The Bank of England will remain “vigilant,” according to Mr Bailey, who informed the Treasury Committee that we are currently experiencing a period of “very heightened, frankly, tension and alertness.” currency wallet, according to the filing. The alleged bribe followed several months of other attempts to access the funds, which Bankman-Fried thought were frozen as part of an investigation into another trading company. This incident occurred before FTX’s bankruptcy last year, when reports about the firm’s finances led to a surge of withdrawals, ultimately causing the company’s downfall. Photo Credit: Cointelegraph
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