SBF Allegedly Diverted $100M to Political Donations

Sam Bankman-Fried, the founder of the collapsed cryptocurrency
exchange FTX, is facing allegations of misusing customers’ funds to make over
USD $100 million in contributions to political campaigns leading up to the 2022 US
midterm elections.

According to a report by The Business Times, an amended indictment has surfaced, accusing Bankman-Fried
of orchestrating a scheme to evade contribution limits by instructing FTX’s
executives to donate to Democratic and Republican candidates. The donations
were reportedly aimed at furthering Bankman-Fried’s agenda while concealing the
origin of the funds.

“He leveraged this
influence, in turn, to lobby Congress and regulatory agencies to support
legislation and regulation
Regulation

Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority (

Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority (
Read this Term he believed would make it easier for FTX to continue
to accept customers’ deposits and grow,” the indictment stated.