Democrats to Return 2.2% of $45.2M Donated by Disgraced FTX Co-Founder
• In 2020, FTX co-founder Sam Bankman-Fried (SBF) donated $45.2 million to Democrats leading up to the U.S. midterm election cycle, including a $5.2 million contribution to Joe Biden’s campaign.
• After SBF’s arrest and the bankruptcy of his company, three major Democratic organizations plan to return 2.2% of these funds, or $1 million, to the now-defunct crypto exchange.
• The Democratic National Committee (DNC), Democratic Congressional Campaign Committee and Democratic Senatorial Campaign Committee will each contribute a portion of the total sum back to the bankrupt estate.
FTX Co-Founder Donates Millions To Democrats
Sam Bankman-Fried (SBF), co-founder of FTX, donated $45.2 million to Democrats leading up to the U.S. midterm election cycle in 2020, with a $5.2 million contribution going directly to Joe Biden’s campaign for president.
Democrats Return Portion Of Funds To Now Defunct Crypto Exchange
Following SBF’s arrest and the bankruptcy of his company, three major Democratic organizations plan on returning 2.2% of these funds—$1 million—to the now defunct crypto exchange as part of its bankruptcy settlement agreement with creditors owed money by SBF and his company FTX..
Democratic Organizations Contribute To Repayment
The DNC plans on contributing $815,000 out of the total amount while both the Democratic Congressional Campaign Committee and Democratic Senatorial Campaign Committee will return $353,000 each as part of their repayment obligation towards FTX’s creditors owed money by SBF and his company FTX..
White House Refuses To Comment On Repayment
When asked about possible repayment from the White House during a press briefing on Dec 13th 2022 Karine Jean Pierre declined comment citing The Hatch Act which prohibits federal employees from engaging in political activities while at work..
Tesla CEO Elon Musk Suggests Contributions Exceed 1 Billion Dollars
Elon Musk has suggested that SBF may have given significantly more than just 45 million dollars towards Democrats over years possibly even reaching into 1 billion dollars according FEC records & data from opensecrets org..