Crypto exchange FTX founder Sam Bankman-Fried (SBF) spent more than $100 million of customer funds on political donations, according to an amended indictment. On Monday, U.S. federal prosecutors also alleged that he used two FTX executives as “straw donors” to evade contribution limits.
Sam Bankman-Fried Gave Money to Both Democrats and Republicans to Ensure FTX Continues to Grow
The founder and CEO of bankrupt cryptocurrency exchange FTX, Sam Bankman-Fried, used money stolen from customers of the trading platform to make over $100 million in contributions for political campaigns ahead of the 2022 midterm elections in the U.S., prosecutors said.
The government is also accusing SBF of directing two FTX executives to donate to candidates from both the Democratic and the Republican Party in order to evade contribution limits and conceal the origin of the funds, Reuters reported, quoting the indictment against him which also said:
He leveraged this influence, in turn, to lobby Congress
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