Sam Bankman-Fried, the CEO of FTX cryptocurrency exchange, announced in May that he would donate “north of $100 million” and up to a “soft ceiling” of $1 billionfor the Democrat candidate running against President Donald Trump in the 2024 race.
Bankman-Fried donated over $40 million to Democrats in the 2022 midterm elections.
FTX was laundering money from Ukraine and moving millions to donate to Democrats in the 2022 midterms.
It was a nifty trick by Democrats to get some easy campaign cash.
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Elon Musk this week suggested that donations to Democrats were likely much larger than the $40 million declared and as high as $1 billion!
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The truth is likely somewhere in between the two numbers.
The Daily Mail reported:
Elon Musk has suggested that disgraced crypto exchange billionaire Sam Bankman-Fried donated more than $1 billion to Democrats before FTX’s collapse.
Musk’s allegation, if true, would mean SBF donated significantly more than the initially reported $40 million figure to Democratic politicians, ahead of his business’s total meltdown.
On Friday, healthcare tech startup CEO Will Mandis tweeted: ‘SBF donating $40m to not go to jail for stealing $10b+ is one of the highest ROI trades of all time,’ referring to the known number in donations to Democratic politicians.
Prior to the implosion of FTX late last month – which is largely being blamed on the questionable sharing of funds between FTX and crypto trading firm Alameda Research – SBF had a close relationship with the party in power in Washington, DC.
He has testified before Congress, met with lawmakers and regulators and donated heavily to left-of-center media operations, which has led to the observation by some that his alleged crimes have been handled more gently than is appropriate by the mainstream media.
Prior to the undoing of his company, SBF pledged to give $1billion to political candidates.
It has also emerged that SBF was one of the largest Democratic donors in recent cycles, spending a reported $36 million during the last midterm election primarily via the Protect Our Future Pac.
Bankman-Fried claims he donated to both major political parties, though that his donations to the Republicans were dark, meaning publicly untraceable.