FTX is asking politicians to return the “dirty money” donated by Sam Bankman-Fried
FTX is asking politicians to return the “dirty money” donated by Sam Bankman-Fried.
The request is (in words) very simple: «give us back the money that SBF gave you. He had no right to do so and now we need them to compensate investors.”
The new administration of FTX, which has the delicate task of curing the company’s bankruptcy, salvaging the salvage, and to the extent possible, compensating creditors, has asked various foundations, think tanks and electoral committees to return the “dirty money ” by Sam Bankman-Fried, the founder and former CEO of the company, now fallen on hard times.
In the course of his brief rise, Sam Bankman-Fried has showered non-profits and progressive politicians (and conservative ones too, he swore recently) with millions of dollars. Money which, however, we now know is the proceeds of the reckless management of the exchange he founded. Reckless management that caused the implosion of the company, leaving thousands of creditors with the match in hand.
The FTX Group, which today has a different management, announced that it had sent several letters to as many politicians and, in general, political organizations. The request is (in words) very simple: «give us back the money that SBF gave you. He had no right to do so and now we need them to compensate the investors and customers of the exchange». They have by the end of the month, then FTX will reserve the right to try to get the money back through legal means — with what chance of success is not known, as total laymen of American law, we instinctively suggest that it is a virtually impossible challenge.
At stake, explains the new management of FTX, there would be a treasure of 93 million dollars. Many, but just a fraction of the hole left by Sam Bankman-Fried.
Before the disastrous collapse of its exchange, SBF was considered the “good face” of the cryptocurrency industry. For years, the young (former) billionaire has filled the pockets of politicians and the press with six-figure donations. According to an estimate provided by the Coindesk website, about one in three members of Congress has received a donation from SBF at least once.