FTX Founder’s “Dark” Contributions
A recent report reveals that Sam Bankman-Fried, the disgraced founder of FTX, made significant donations to “dark money” groups during the 2022 election cycle. According to documents obtained by prosecutors, Bankman-Fried and his associates contributed millions of dollars to politically active organizations.
The evidence includes testimony from Nishad Singh, FTX’s former head of engineering, who disclosed that Bankman-Fried used a private signal chat called “Donation Processing” to request contributions in Singh’s name. Barbara Fried, Bankman-Fried’s mother, also encouraged donations made by her son to be attributed to Singh.
Prosecutors Provide Evidence of Donations
The prosecutors submitted a list of organizations that received donations from Bankman-Fried and his associates. Additionally, they presented charts illustrating the use of millions of dollars from FTX customers and affiliated accounts for political contributions orchestrated by Bankman-Fried and his allies.
The documents clearly establish Bankman-Fried as the primary contributor of “dark money” among the former FTX executives and the company itself. Ryan Salame, the former CEO of FTX’s digital markets division, also made significant donations to Republican political action committees and related “dark money” groups using funds from FTX’s associated hedge fund, Alameda Research.
Caroline Ellison, who managed Alameda, was found to have provided millions to right-leaning nonprofit organizations. She testified this week about how Bankman-Fried directed her to commit crimes.
Bankman-Fried’s Total Donations
While initial estimates from Citizens for Responsibility and Ethics in Washington put Bankman-Fried’s “dark money” donations at $37 million, the documents filed by prosecutors indicate that his donations reached approximately $47 million during the 2022 election cycle alone.
Hot Take: FTX Founder’s Controversial Political Donations
The latest revelations surrounding Sam Bankman-Fried’s donations to “dark money” groups have raised concerns about transparency and accountability in the cryptocurrency industry. It is troubling to see a prominent figure in the crypto world using secret channels and deceptive tactics to support political causes while presenting a different public image. This case highlights the need for greater scrutiny and regulation in the sector to ensure ethical practices and prevent illicit activities.
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