FTX founder Sam Bankman-Fried donated money to Republicans as well: Reports

Fallen far from grace, FTX founder and former CEO Sam Bankman-Fried is currently in choppy waters for leading his company to bankruptcy. While reports suggested that Sam was a top campaign contributor for Democrats, a new report has claimed that he donated significant money towards the Republican cause as well. 

According to Federal Election Commission records, Sam deposited an estimated $262,200 into Republican bank accounts, throughout the 2021-2022 election cycle.

While the number pales in comparison to the almost $40 million he contributed to Democratic campaigns, it is enough to suggest that Bankamn-Fried was playing both galleries, in an attempt to secure himself politically. 

“I have a duty as a member of the industry to try and get us regulated, to try and move the industry in a more responsible direction. I think that requires engagement. I think it’d be irresponsible for me not to engage with Capitol Hill, with regulators,” Bankman-Fried was quoted as saying in an NBC interview. 

FTX filed for bankruptcy last Friday after traders rushed to remove $6 billion off the platform in only 72 hours. The fate of the company was sealed after rival exchange Binance’s rescue deal fell through. According to reports, nearly $1 billion of customer funds have vanished from FTX, ever since the fall was first documented. 

Securities and Exchange Commission, Commodity Futures Trading Commission and the Justice Department have joined forces to investigate what led to the abject failure of a multi-billion dollar company.

IN 2017, SBF established his own cryptocurrency trading firm ‘Almadea Research,’ which offers liquidity in exchange for digital assets and cryptocurrencies. 

Two years later, in 2019, he launched FTX, turning it to be one of the top exchanges for buying and selling cryptocurrency derivatives. Forbes estimates his exchange is worth $40 billion.

(With inputs from agencies)

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