Sam Bankman-Fried has been paying legal fees from a multi-million dollar gift he gave his father with money borrowed from FTX’s sister company, Alameda Research, in 2021

Sam Bankman-Fried has been paying legal fees from a multi-million dollar gift he gave his father with money borrowed from FTX’s sister company, Alameda Research, in 2021, per Forbes.

The report alleged that Bankman-Fried secured at least $10 million via a loan from Alameda Research and gave the money to his dad using a “lifetime estate and gift tax exemption.”

The sources told the outlet that Bankman-Fried gifted the maximum amount allowable under the exemption, which would have been $11.7 million in 2021.

Recently, he was charged with Sam Bankman-Fried was charged with paying $40 million in bribes to at least one Chinese government official.

Indictment documents accused SBF of successfully bribing a Chinese government official in 2021. This was due to him trying to regain access to frozen Alameda trading accounts.

"(SBF) conspired to bribe one or more Chinese government officials in order to regain access to Alameda trading ‘accounts that had been frozen by Chinese law enforcement authorities."

As of the moment, SBF is still awaiting trial, set to take place on October 2, as per Coin Telegraph. Per the DOJ, the prosecutors already hold evidence from Caroline Ellison, former CEO of Alameda Research, and Gary Wang, FTX co-founder.

Read more: https://unusualwhales.com/news/sbf