Authorities Accuse SBF of Diverting FTX Funds to Political Campaigns
- Federal officials accuse SBF of committing unlawful political contributions totaling tens of millions of dollars.
- Bankman-Fried’s motive behind the fat donations was to sway legislation that would have an impact on the crypto market.
- The SEC accused Bankman-Fried of diverting customer money from FTX to Alameda Research.
Federal officials accuse Sam Bankman-Fried, the founder of FTX, of committing unlawful political contributions totaling tens of millions of dollars to both Republican and Democratic leaders.
According to the prosecution, Bankman-Fried’s motive behind the fat donations was to sway away from legislation and regulations that would have an impact on the crypto market.
Reportedly, the Securities and Exchange Commission (SEC) accused Bankman-Fried of diverting customer money held by the bankrupt crypto exchange FTX, to his second crypto hedge fund, Alameda Research, in a civil lawsuit brought to the Manhattan federal court.
Further clarifying the matter, the SEC stated:
He then used those funds to make large political donations,” to make investments and buy lavish real estate. Bankman-Fried used Alameda as his personal piggy bank for those purpo …
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