FTX founder Sam Bankman-Fried donated $40 million to political campaigns leading into the midterms: Report

Following the fall of FTX, former CEO and founder Sam Bankman-Fried is in choppy waters for leading the company to bankruptcy. Earlier reports revealed that he was a top contributor to the Democrats. However, a new report reveals he also donated money to the Republicans.

FTX founder donated money to both parties

As per the Federal Election Commission records, the former CEO and founder of FTX donated a total estimate of $262,200 to Republican bank accounts in the 2021-2022 election cycle. However, the number pales against the $40 million contributed toward the Democratic campaigns. New reports suggest Bankman-Fried tried playing both galleries to secure a better political footing. (www.sliderrevolution.com)  

“I have a duty as a member of the industry to try and get us regulated, to try and move the industry in a more responsible direction. I think that requires engagement. I think it’d be irresponsible for me not to engage with Capitol Hill, with regulators,” stated Bankman-Fried.

FTX files for bankruptcy

Last Friday, the exchange filed for bankruptcy after traders rushed to withdraw over $6 billion in 72 hours. Moreover, the company’s fate was sealed after Binance, a rival exchange deal, fell through. Reports suggest the vanishing of customer funds worth over $1 billion since the fall was first observed. The Commodity Futures Trading Commission, Justice Department, and Securities and Exchange Commission have joined forces for investigating the matters leading to the company’s failure. Some reports also claim Bankman-Fried to be the second largest individual donor following George Soros in 2022. As per data from OpenSecrets, donations were made during the primaries. However, he stopped contributing in June. Additionally, he also donated to the conservative-leaning PACs that share his cryptocurrency interests. This includes the Alabama Conservatives Fund backing Republicans Katie Britt. Britt’s campaign was accepting donations in crypto.