US Democrats to Return FTX Donations
2022.12.17 14:06
US Democrats to Return FTX Donations
Budrigannews.com – The Leftist alliance’s three top mission bunches are getting ready to return more than $1.1 million they have gotten from detained digital money magnate Sam Bankman-Seared, they said on Friday.
In light of “potential campaign finance violations” committed by the billionaire, the Democratic National Committee announced in a statement that it would set aside $815,000 in funds received from Bankman-Fried.
The Democratic Congressional Campaign Committee, the party’s House of Representatives campaign arm, said it would set aside $250,000, while the Democratic Senatorial Campaign Committee said it would set aside $103,000.
As a result of ongoing litigation, all three groups stated that they were awaiting advice regarding how to use the money.
After U.S. prosecutors accused the 30-year-old of misappropriating billions of dollars and violating campaign laws in what has been described as one of America’s biggest financial frauds, Bankman-Fried, the founder of cryptocurrency exchange FTX, was arrested on Monday in the Bahamas.
According to the prosecution, Bankman-Fried was involved in a scheme to defraud FTX customers by misappropriating their deposits for investments in his crypto hedge fund, Alameda Research LLC, as well as to pay for expenses and debts. They claimed that Bankman-Fried had made “tens of millions of dollars in campaign contributions” with the stolen funds.
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During the midterm election season, Bankman-Fried, who amassed a fortune worth more than $20 billion, was one of the largest political donors. According to disclosures from the federal election, he gave roughly $40 million to mostly Democratic-aligned organizations and campaigns.
In an interview with independent journalist Tiffany Fong, the former executive stated that his funds were distributed roughly equally to Republicans and Democrats. However, the full scope of his contributions is still unknown. According to Bankman-Fried, his contributions to the Republican Party have not been made public, a type of campaign finance known as “dark money.”
Bankman-Fried, who is currently being held in a Bahamian prison, could not be reached immediately. Customers have received an apology from Bankman-Fried, but he has stated that he is innocent.
