Sam Bankman-Fried Used $100 Million in Stolen Cash for Political Donations, DOJ Alleges - Decrypt
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Sam Bankman-Fried Used $100 Million in Stolen Cash for Political Donations, DOJ Alleges
The Justice Department claims the disgraced crypto mogul used client funds to “influence cryptocurrency regulation.” am Bankman-Fried pinched customer funds to make over $100 million in political campaign contrib
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Sam Bankman-Fried, the disgraced crypto mogul and former CEO of FTX, allegedly used over $100 million in stolen customer funds to make political campaign contributions ahead of the 2022 U.S. midterm elections, according to the Department of Justice (DOJ). The DOJ filed a new indictment on Monday, accusing Bankman-Fried of misappropriating and embezzling FTX customer deposits for various purposes, including politics. Bankman-Fried used the funds to make contributions to both Democrats and Republicans in an attempt to influence cryptocurrency regulation. FTX unexpectedly went bankrupt in November, and Bankman-Fried was arrested in the Bahamas for fraud and mismanagement.
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- Sam Bankman-Fried Used $100 Million in Stolen Cash for Political Donations, DOJ Alleges The Justice Department claims the disgraced crypto mogul used client funds to “influence cryptocurrency regulation.”
- am Bankman-Fried pinched customer funds to make over $100 million in political campaign contributions to both Democrats and Republicans aahead of the 2022 U.S. midterm elections, the Department of Justice alleged today. In a new indictment filed Monday, the DOJ said Bankman-Fried, 31, who was jailed on Friday, had “misappropriated and embezzled F...
- Prosecutors had initially dropped a campaign finance charge against Bankman-Fried back in July, but said last week that they would continue with the campaign finance allegations as part of concurrent fraud and money laundering charges. “As Bankman-Fried well knew, FTX’s finances contained a multi-billion-dollar deficiency caused by his own misapp...
- indictment read. It added that Bankman-Fried used the funds to make “contributions to Democrats and Republicans to seek to influence cryptocurrency regulation.”
- FTX was a popular digital assets exchange that allowed clients to buy, sell, and bet on the future prices of cryptocurrencies. The massive crypto brand had a deal with the Miami Heat, and former CEO and co-founder Bankman-Fried appeared to be loved by the elite.
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