Sam Bankman-Fried, CEO of cryptocurrency exchange FTX, is a major donor to multiple progressive causes and politicians. This week, as FTX begins to collapse, the financial system beneath the exchange looks more like a Ponzi scheme coming apart.
The CEO had been a major donor to regulators on Capitol Hill, and FTX’s tentacles extend to Ukraine, where Sam Bankman-Fried operated to support the Ukrainian government with cryptocurrency collections and donations. The corporation and FTX CEO Sam Bankman-Fried are now under various investigations. Here’s the 90-second recap of the current dynamic. I WILL SEE:
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(Via Daily Caller) Sam Bankman-Fried, prolific Democratic donor and former CEO of now-bankrupt cryptocurrency exchange FTX, funded the campaigns of members of Congress who oversaw the Commodity Futures Trading Commission (CFTC) , one of the key bodies charged with regulating the crypto industry and the subject of Bankman-Fried’s aggressive lobbying.
Bankman-Fried’s FTX is currently under investigation by the CFTC and the Securities and Exchange Commission (SEC) after Bankman-Fried allegedly moved $10 billion in client assets from its crypto exchange to its trading firm Alameda Research, and a liquidity crisis in its stock market that prompted the company to declare bankruptcy. However, before the agency’s investigation, Bankman-Fried aggressively wooed the CFTC and bankrolled several key lawmakers tasked with overseeing the agency, pouring cash into her campaign coffers. (Read more)
(Via CoinDesk) The past week has seen a dizzying downward spiral for Sam Bankman-Fried’s massive crypto empire. Bankman-Fried cryptocurrency exchange FTX has paused withdrawals, and a tentative rescue from rival Binance appears to be in the offing. This could put depositors’ funds at risk and is certainly a major setback not only for Bankman-Fried, but for the cryptocurrency industry as a whole.
Such dips are not uncommon in crypto, which is subject to extreme boom and bust cycles. But FTX and Bankman-Fried are unique in the height they achieved before self-immolation. Over the past three years, FTX has come to be widely regarded as a reputable exchange, despite not being subject to US regulation. Bankman-Fried himself has become globally influential, thanks to his thoughts on cryptocurrency regulation and his financial support of US election candidates, not necessarily in that order.
Those narratives about FTX and Bankman-Fried are now clearly dead in the water, given recent evidence that all was not as it seemed at the exchange or at Bankman-Fried’s other company, Alameda Research. (Read more)
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