The collapse of crypto exchange FTX has exposed that the platform was merely a giant Ponzi scheme used to funnel money into Democrat campaigns.
FTX CEO and founder Sam Bankman-Fried, the Democrats’ second largest donor behind only George Soros, announced that his exchange had filed for Chapter 11 bankruptcy in the face of a multi-billion dollar liquidity crunch.
Bankman-Fried cheated the system and investors who used his exchange by using the company’s own crypto, FTX Token, as collateral to borrow billions of real dollars that he couldn’t pay back.
He then poured his corrupt earnings from doing this into funding Democratic candidates.
The U.S. portion of the exchange is now valued at just $1, down from $8 billion back in January and Bankman-Fried is now also under investigation by both the Department of Justice and U.S. Securities and Exchange Commission.
Prior to the midterms, Bankman-Fried was celebrated by outlets on the left like POLITICO as the Democrats’ “newest megadonor” and “potential Democrat savior” – that was of course before he lost nearly 94% of his estimated $15.6 billion fortune in one day.
Bankman-Fried spent almost $40 million on Democrat candidates this year and donated $10 million to Joe Biden’s campaign in 2020.
“We’ve never seen something like this on this scale,” said Bradley Beychok, co-founder of American Bridge 21st Century, a Democratic super PAC. “On our side, there’s a small pool of people who write these kinds of checks and they tend to be the same folks. But Sam, to his credit, came right in with a big splash.”
According to Fortune, Bankman-Fried had promised to spend far more in the future predicting in May that he’d fund “north of $100 million” and had a “soft ceiling” of $1 billion for the 2024 elections.
Politico reported that Bankman-Fried was allowed to steer crypto regulation in the U.S. because of “his willingness to write multimillion dollar checks to boost Democrats.”
“This is an absolutely stunning turnaround from somebody who was the darling of Washington policy circles,” said Blockchain Association Executive Director Kristin Smith. “It was built on a house of cards.”
What’s worse is the exchange responsible for providing Democrats with a massive war chest has apparently “lost” at least $1 billion in investor assets following the collapse.
FTX is missing at least $1 billion in client funds and sources who worked in the company claimed that the funds were part of $10 billion in client funds that FTX founder Sam Bankman-Fried purportedly siphoned off to Alameda Research, the hedge fund he owns.
And I wonder why I left the Democratic Party in disgust!!
Funny ukraine invested heavy into that stock after telling my wife OBiden sending billions to ukraine with no oversite just a huge kick back circle enriching themselves on taxpayers funds
I hope the law sends him to jail where he deserves to be. When will this Democratic Party and it’s miscreants be shut down once and for all. Wake up people!
Will Obiden pardon him? 3 guesses and the first 2 dont count
“Democrat” and “ criminal” are synonyms.
This how politicians make their millions by passing and overlooking the passage of
regulations to enrich themselves and their friends. No wonder the Pelosi’s have
enemies.
The person(s) involved must go to prison!!. Any thing over $250.00 is a FEDERAL OFFENCE!!!!
Demonrats are so CORRUPT!!!
Aren’t these the same Democrats that screamed about the Citizens United ruling. Funds donated by legitimate companies. Where is the outrage!? They are now all supporting a ponzi scheme to raise funds for their candidates. The corruption is breathtaking! Their constituents are left holding the bag!!
Criminal democrats doing what they do best: lying, cheating, skirting the law. And, nothing happens…why? Because the ones who would investigate are in bed with the lawbreakers. We’re doomed!
Yep, you hit that nail on the head. How did this happen? What are we going to do? Silly, too, that a couple of states can take 8 days to count votes while the other 95%+ are able to complete it in a day or two. Ripe for fraud and always running in the dem favor.
Another no surprise, demorat pols live off bribes and fraud campaign cash. I remember by when Bill Clinton was campaigning Chinese Army officer came out on stage to give Bill $350k in cash donation. The George Soros consortium is neck deep in stolen money and Soros is wanted for monetary fraud schemes in 7 countries. The demorat ilk appears genetic. Motto: “Money, anyway you can get it.”.
When will this crap stp?? Why not get rid of the Dems?? When will something be done?? Getting sick and tired of this crap and nothing being done!!
It is time to make them pay big time for cheating all the time. This is BULL.
Do something about it. That’s Dems for you, all they know how to do is screw everything up bug time, all the time.
Stop letting them get away with this shit.
Why do we even vote??
Dems ,all they know how to do is cheat, lie, & murder
Why does everyone sit back and watch them cheat why? I can’t believe it! It’s wrong it’s so wrong! We’ve got to do something they get away with it everytime!