FTX is reportedly requesting that donations that were sent to politicians be sent back to the company to repay its creditors. Is this a good-faith request or a cover-up?
The Conservative Treehouse shared a piece from Axios detailing the FTX request.
Why it matters: Former FTX CEO Sam Bankman-Fried and FTX Digital Markets Co-CEO Ryan Salame were two of the largest political donors during the last election cycle. Now the company’s debtors want the money back.
- Bankman-Fried primarily backed Democrats and was the party’s second-largest donor last cycle with around $37 million in contributions.
- Salame’s $19 million to Republicans made him the party’s 10th largest donor.
The big picture: FTX’s debtors are confidentially contacting “political figures, political action funds and other recipients of contributions or other payments.” (more)
Both inventories list the names of politicians on the FEC website who received an FTX contribution. But the amount of the donation is not clearly identified. A billion dollar donation is not the equivalent of a $1000 donation.
This type of information is exactly what corrupt Democrat politicians, and those who received large amounts from FTX, would like. It ignores amounts and, more importantly, it ignores the money that went to politicians outside of the FEC reporting system.
To begin with, the FTX accounting system is a joke. As The Gateway Pundit reported previously, this multi-billion dollar complex organization utilized QuickBooks for their accounting- a program that is good but is built for small companies, not billion-dollar entities.
In addition, the employees at FTX could borrow billions from the company without a problem. At least $10 billion was moved between FTX and Alameda Research and a $65 billion line of credit was created by Sam Bankman-Fried (SBF) without customers knowing their investments were part of this arrangement.
The company gave money to politicians like $250,000 to the Clintons to help promote the company.
We also know that an FTX co-founder was ordered to create a secret backdoor for laundering money. Additionally, we know that FTX and the Biden White House had a secret back channel that closed the day that FTX declared bankruptcy.
In November TGP reported that billions were sent to Ukraine from the US. Ukraine took some of this money and invested it in FTX. The far-left Washington Post reported on March 3 that Ukraine was dealing in crypto.
The Ukrainian government has gathered more than $42 million in cryptocurrency donations since Saturday, plus digital artwork including a limited edition worth roughly $200,000, according to blockchain analytics firm Elliptic. The challenge is how the country cashes in on these assets to fund its war needs.
Amid the Russian invasion of Ukraine, the CEO of FTX, Sam Bankman Fried has come forward to help a crypto donation project. He humbly announced that FTX will be supporting the Ukrainian Ministry of Finance and other communities in collecting crypto donations for the country. The Ukrainian government has received over $60 million in crypto donations from all over the world.
We have no idea how much money was laundered to Democrats through FTX. Billions were flowing through the company. The company’s financial processes and controls were weak and non-existent.
Money could easily be laundered through any number of cryptocurrencies and the paper trail would be difficult, if not impossible, to unravel.
This is why it is likely that a billion or more was laundered to the Democrats and other corrupt politicians. Elon Musk agrees.
Any effort to list only the names of politicians who received FTX money and not the amounts within the FEC system and more importantly outside the FEC reporting system is lacking material amounts of information.