BlocksInform
The founder of FTX, Sam Bankman-Fried, has already given a great deal of money to people who were wondering where it came from. These individuals included influential individuals in the public service and in regular services, to say nothing of those who already have the means in the private sector.
Hundreds of millions of dollars are being spent on gifts. Was that kickback money? donation? Or something good like charity?
Who cares?
He just showered politicos with tens of millions of dollars in campaign contributions. The recipients simply greeted him with open arms and did not say a word.
Advance fast until 2023. It's the end of the party. And, ftx wants to recover all the money.
FTX Wants The Benjamins Back
FTX is sending “confidential letters” to former donor recipients asking for the donated funds to be returned, the bankrupt crypto exchange said in a press release Sunday.
“FTX debtors send confidential communications to politicians, fund for political intervention, and other recipients of contributions made by FTX debtors or under their direction, Samuel Bankman-Fried or other directors or officers of debtors of the FTX", reads the press release.
The beneficiaries have until 28 February 2023 to "return these funds" to the ftx debtors, as announced. The move comes after ftx has appealed to the beneficiaries of the fund to voluntarily pay back the money in December.
Earlier, the same creditors had calculated that Bankman-fried had given 93 million dollars to political causes. According to the press release, if the funds are not returned freely, debtors "keep the right" to sue to force repayment plus interest.
Sam Bankman-Fried. Image: EuroNews
Recover political gifts.
Thirty-year-old Bankman-Fried, former CEO of the FTX, was the second largest Democrat donor between 2020 and 2022, providing over $37 million for the party's election campaigns.
Open Secrets showed that FTX Digital Markets Co-CEO Ryan Salame contributed roughly $20 million to Republican candidates throughout the same period.
Now here is a tweet from "unusual_whales" with a picture of the list of beneficiaries of the given money:
BREAK UP: FTX sends letters to politicians who have received FTX donations to return the money they have received.
There was no list of who they were giving money to, or how much.
Until now.
See it here:https://t.co/uK8CTsLugJ pic.twitter.com/JnN2j8VFDL
— unusual_whales (@unusual_whales) February 5, 2023
Twitter use Kane Vato commented on the list by saying:
Another Twitter user, DrinkWater, pitched in:
FTX has also attempted to retrieve the millions of dollars that the cryptocurrency exchange and Bankman-Fried donated to charity, but this may be difficult given that some of the funds have already been spent.
The FTX apparently tried to claw back the money it gave Florida students in the form of bursaries, in addition to the contributions it received from politicians.
The federal government claims Bankman-fried has misused consumer money to contribute to the campaign, buy real estate and invest venture capital. He upheld his innocence on multiple counts of fraud and conspiracy.
Bankman-fried pleaded not guilty to allegations of fraud, conspiracy, breach of campaign finance law and money laundering before a New York federal court last month.
Crypto total market cap at $1 trillion on the daily chart | Chart: TradingView.comBankman-Fried is currently under house arrest in his parents’ home in California, with a digital monitor strapped on his ankle.
If he is found guilty of any of the eight counts for which he was charged, he could face life in prison without the possibility of probation.
Meanwhile, John Ray III, the new CEO of ftx, said the trade can be re-established. Despite the collapse of the company, he did not abandon the hope of its recovery and did everything in his power to breathe new life into the bankrupt company.
Spotlight on Lawyer Monthly.
