FTX Gives $1 Million to Republican SPAC Two Weeks Before Bankruptcy Using CoinEdition

FTX Gives $1 Million to Republican SPAC Two Weeks Before Bankruptcy
  • FTX US awarded $1 million to the Republican fund two weeks before declaring bankruptcy.
  • Sam Bankman donated $40 billion to the Democratic Party during the midterm elections.
  • Alameda Research lent Sam Bankman Fried more than $3 billion for personal use.

Two weeks before declaring bankruptcy, FTX US is said to have awarded $1 million to the Super PAC. The Senate Leadership Fund is affiliated with the Republican Party, one of the biggest spenders in the midterm elections, and many other donations are made by corporate executives.

A recent filing with the Federal Election Commission mentions the contribution to the Senate Leadership Fund for the first time.

On October 27, FTX US awarded $1 million to Mitch McConnell SPAC, a date notable because just weeks later, the company filed for Chapter 11 bankruptcy on November 11. FTX US has donated $750,000 to the Congressional Leadership Fund.

In recent weeks, political contributions from FTX executives have come under increasing scrutiny, as allegations first surfaced that the SBF was “buying” influence in Washington to avoid interference. supervisory authority.

When FTX collapsed, US lawmakers suggested that Sam Bankman-Fried may have worked with the SEC’s Gary Gensler to gain a monopoly in the sector.

The same representative was recently revealed to be a member of a bipartisan group trying to thwart the government investigation into FTX.

Former FTX CEO Sam Bankam-Fried is also known to be the second-largest contributor to Democrats in the midterm elections, with nearly $40 billion.

Other executives at his company are also well-known political donors with different personalities, including Ryan Salme, who has donated more than $20 million, mostly to candidates Republican Party.

The political contributions of FTX executives have become increasingly controversial after it was revealed that the company diverted billions of dollars’ worth of users’ assets by lending them to Alameda Research. .

Things got even worse after it was reported that Alameda had lent Sam Bankman Fried more than $3 billion for personal use.

Controversy surrounding the bankruptcy of FTX continued to escalate during the bankruptcy proceedings. Court records allege Bahamian regulators were behind the hack shortly after Chapter 11 was filed.

In addition, John J. Ray, the current CEO of FTX, called the company’s lack of internal accounting “the worst failure in corporate governance”.

The post FTX awarded $1 million to Republican SPAC Two weeks before bankruptcy first appeared on Coin Edition.

View original on CoinEdition


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