Former crypto king Sam Bankman-Fried and his allies donated $50 million during the 2022 election cycle to politically active groups that do not disclose the names of their donors. The donations were made to nonprofits aligned with both Republican and Democratic senators, as well as various obscure organizations that have quietly influenced politics. Bankman-Fried used a private signal chat called “Donation Processing” to request contributions be made in someone else’s name. He and his allies are on trial for federal fraud charges and allegedly using customer funds to finance political giving. Bankman-Fried publicly supported Democratic causes while privately funding conservative dark money groups.
Bankman-Fried also donated over $36 million to Democratic campaigns and outside groups that disclose donor names. He was known in Washington, D.C., for advocating for cryptocurrency to lawmakers. Prosecutors filed evidence showing the organizations that received money from Bankman-Fried and his associates, revealing him as the lead “dark money” donor among former FTX executives. Ryan Salame, CEO of FTX’s digital markets division, donated millions to Republican political action committees and affiliated groups using funds from Alameda Research. Caroline Ellison, who ran Alameda and dated Bankman-Fried, also gave millions to right-leaning nonprofit groups.
One Nation, a group linked to Senate Minority Leader Mitch McConnell, received a $10 million donation from Bankman-Fried. Salame used funds from Alameda to donate to One Nation as well as the American Action Network and American Prosperity Alliance. Ellison donated $6 million to Defending America Together. Bankman-Fried donated $8.5 million to Majority Forward, aligned with Senate Majority Leader Chuck Schumer, and $17.5 million to Guarding Against Pandemics.
FTX also financed obscure “dark money” groups linked to Republican senators, including the American Leadership Fund allied with Sen. Steve Daines.
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