Coinspeaker
FTX Founder SBF’s Family Implicated in $100M Political Donation Scandal
New leaks expose Sam Bankman-Fried (SBF), founder of cryptocurrency exchange FTX, in a potential $100 million scandal. Emails obtained by The Wall Street Journal (WSJ) point towards SBF’s family playing a central role in a $100 million financial scandal involving misused company assets for political donations.
FTX Scheme and Family Involvement
Leaked emails expose a scheme where FTX customer funds were allegedly diverted to influence the 2022 elections. This revelation has triggered legal proceedings, raising questions about the family’s involvement and potential violations of campaign finance laws.
The leaked messages detail the significant role of SBF’s father Joseph Bankman in advising on financial strategies for political contributions. The WSJ reports that the emails suggest Joe Bankman may have been directly involved in these illicit funding operations.
Further investigation reveals the alleged participation of SBF’s mother, Barbara Fried, and brother, Gabriel Bankman-Fried. Barbara, the co-founder of the super PAC Mind the Gap, is said to have directed funds towards progressive causes. Gabriel, on the other hand, is suspected of donating towards pandemic prevention efforts.
Legal Experts Weigh In
David Mason, a former chairman of the Federal Election Commission (FEC), emphasizes the potential legal ramifications for Joe Bankman. Mason warns that the emails contain “strong evidence” suggesting Joe Bankman may have knowledge of the “illegal straw-donor scheme”.
Despite the mounting evidence, a spokesperson for Joe Bankman maintains his innocence, stating that he has “no knowledge of any alleged campaign finance violations”.
This recent development comes on the heels of Ryan Salame’s sentencing on May 28. The former FTX Digital Markets co-CEO received a 7.5-year prison sentence after pleading guilty to felony charges. These charges included conspiracy to operate an unlicensed money-transmitting business and engaging in campaign finance fraud.
Salame’s sentencing marks another significant chapter in the ongoing FTX saga. It follows the guilty pleas of former executives Caroline Ellison and Nishad Singh, who are currently awaiting sentencing.
The FTX scandal continues to unfold, with the latest revelations raising serious concerns about the exchange’s past practices and the potential legal consequences for those involved. As investigations progress, the full extent of the alleged financial misconduct and its impact on the crypto industry will likely become clearer.
FTX Founder SBF’s Family Implicated in $100M Political Donation Scandal
