FTX Reportedly Received Millions in Crypto Donations Via Ukraine and May Have Laundered Much Larger Sums
According to the Gateway Pundit, Samuel Bankman-Fried, the founder of bankrupt cryptocurrency exchange FTX, allegedly laundered billions of dollars through Ukraine by establishing his company as a central clearinghouse for all crypto donations to kyiv’s war effort. Democratic politicians sending aid to Ukraine would see their money returned in the form of donations through FTX, the outlet claimed.
FTX launched the Aid for Ukraine cryptocurrency donation platform in March, positioning itself as the central clearinghouse for all cryptocurrency donations to kyiv’s war effort. While the exchange was supposed to route those donations to the National Bank of Ukraine, the report suggests that it sent at least some of the money back to the United States through political donations. Bankman-Fried was the Democratic Party’s second-largest midterm donor, pouring some $38 million into candidate coffers in 2022 alone.
The Ukrainian government had already received over $60 million in crypto donations in March. FTX did not release the amounts collected afterward, but other fundraising campaigns on kyiv’s behalf were hugely successful – Star Wars actor Mark Hammill raised enough money to buy 500 drones in a single month, for example.
Hundreds of millions disappear from the collapsed cryptocurrency giant
Whatever funds the exchange had under management presumably evaporated along with the rest of its assets due to an alleged hack last week, and the exchange filed for bankruptcy on Friday. The resulting chaos sent the crypto markets skyrocketing.
In addition to funding political campaigns, Bankman-Fried has spent millions lobbying to shape cryptocurrency regulation. Democrats overseeing the Commodity Futures Trading Commission were particular targets for his largesse, and he is now under investigation by that same agency for transferring $10 billion in client assets from FTX to his hedge fund. AlamedaResearch.
While Bankman-Fried’s private jet was located in Argentina, the disgraced billionaire insisted on Saturday that he was still in the Bahamas.