December 10, 2022

Uncovered: FTX Collapse Reveals Crypto Exchange Was Nothing But A Democrat Slush Fund

FTX CEO Mike Bankman-Fried was touted since the “newest megadonor” and “potential Democrat savior” ahead of the midterms.

The spectacular meltdown of the FTX crypto exchange offers revealed it to be nothing more than a slush fund for Democrat candidates.

Sam Bankman-Fried walked down as FTX CEO on Friday after it was announced his exchange experienced filed for Chapter 11 bankruptcy in the face of a multi-billion dollar liquidity crunch.

On midterm selection day, Bankman-Fried managed to get rid of nearly 94% of his estimated $15. 6 billion fortune.

The particular U. S. branch of FTX is now valued in $1, down from a peak of $8 billion within January. Bankman-Fried is now also under investigation by both Department of Justice plus U. S. Securities and Exchange Commission.

Prior to the midterms, Bankman-Fried was touted by POLITICO since the Democrats’ “ newest megadonor” and “ potential Liberal savior” second only to billionaire globalist George Soros.

“ We’ve never ever seen something like this about this scale, ” said Bradley Beychok, co-founder of United states Bridge 21st Century, a Democratic super PAC. “ Great, there’s a small pool of individuals who write these kinds of bank checks and they tend to be the same folks. But Sam, to their credit, came right in with a big splash. ”

In fact , Bankman-Fried invested almost $40 million on Democrat candidates this year.

From Fortune :

The 30-year-old Bankman-Fried has become a major force in Democratic politics, ranking as the party’s second-biggest individual donor within the 2021– 2022 election routine,   according to Open Secrets , with contributions totaling $39. 8 million. That ranks only at the rear of George Soros (about $128 million) but ahead of many other big names, including Erina Bloomberg ($28. 3 million). What’s more, he had promised to spend far more on Democrats continuing to move forward, predicting in May that however fund “ north of $100 million” and had a “ soft ceiling” associated with $1 billion for the 2024 elections.  

He also donated $10 million to then-candidate Joe Biden in 2020.

A YouTuber named “ No one Special Finance” succinctly described the FTX “ Ponzi scheme” that led to the collapse this week.

“ The truth is, Sam Bankman-Fried is a liar and a crook, ”   mentioned   No one Special . “ Their personal crypto, FTX Symbol, was basically a Ponzi scheme … He used his Ponzi token as collateral to borrow vast amounts of real dollars that he could not pay back … He then used those real dollars to construct an empire out of dying companies. ”

“[Sam Bankman-Fried] then sold people cryptos such as Bitcoin, or so they believed. What they really bought has been an IOU. ”

In essence, Bankman-Fried used his corrupt earnings to finance the Democrats’ midterm races to head off a “ Red Wave. ”

Now that FTX has imploded, Democrats are usually saving face by reviving calls for the crypto area to be heavily regulated.

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