Last Updated on November 12, 2022
The founder of the largest cryptocurrency exchange in the world has seen his exchange implode financially in the past week, leading to chaos in leading cryptocurrency markets.
Sam Bankman-Fried, the founder of FTX, which was rated to be the third-best crypto exchange this year, had his $15 billion net worth go to $1 billion in “the biggest one-day collapse” Bloomberg has “ever seen among billionaires.”
Bankman-Fried’s FTX filed for bankruptcy Friday after it was reported at least $1 billion of customer funds are missing from the exchange. FTX’s bankruptcy came alongside Fried stepping down as CEO.
Sources familiar with the company’s operations told Reuters Bankman-Fried secretly transferred $10bn of customer funds to his hedge fund, Alameda Research.
The now-infamous Bankman-Fried was a vital part of the Democrat Party’s fundraising establishment.
Over the course of the 2022 midterm cycle, the 30-year-old donated over $40 million to Democrat-aligned PACs. Bankman-Fried once pledged to give $1 billion to help Democrat candidates up through 2024. However, in October, he told Politico that number would be closer to $100 million.
George Soros and Bankman-Fried were the Democrat’s top individual donors.
In April and May, the FTX CEO held lobbying meetings with Steve Riccheti, a top Biden adviser. These meetings come after the crypto CEO donated %5.2 million to Biden’s 2020 campaign.
Bankman-Fried’s massive Democrat donations and close association with the Biden administration have raised suspicions of corruption.
Following Bankman-Fried’s resignation and FTX’s bankruptcy filing, crypto markets have imploded. The total cryptocurrency market cap dropped a costly 20%, from $1.02Tn to $824bn.
“A friend wisely observes: Sam Bankman Fried was a major donor to Biden and dems, which means that dems were major beneficiaries of the FTX scam leading up to midterms Will Fried get special treatment on account of this?” Revolver.News founder Darren Beattie questioned on Twitter.
National File previously reported on Democrat-affiliated figures being let off easy for financial corruption or other elaborate schemes:
Eric Holder, the US Attorney General during Barack Obama’s presidency, was found to be in contempt of Congress for “gun-walking” in 2012.
Holder refused to cooperate with congressional inquiries as the Bureau of Alcohol, Tobacco, Firearms, and Explosives were being investigated over the reckless law enforcement operation called “Fast and Furious”.
The “gun-walking” scheme pushed US agents to “lose” hundreds of illegal firearms sold in Arizona, allowing them to be brought into Mexico, hoping to target illegal gun dealers.
After some of the illegal weapons were found to have been sued to brutally murder a US border agent, Holder still refused to cooperate with the investigation and was eventually completely cleared of any disciplinary action. Also, the Obama White House protected itself completely by asserting executive privilege.
When Holder was first held in contempt, he accused Republicans of partaking in “election-year politics and gamesmanship”, calling the charges “unnecessary and unwarranted.”
Holder affirmed he worked to end the Fast and Furious operation after he heard about the “gun-walking” plans but Republicans were pushing “truly absurd, truly absurd conspiracy theories” to push a different narrative.
House Democrats in the election cycle parroted Holder’s views, with Rep. John Dingel (D-MI) calling the investigation into Holder a “partisan political witch-hunt with the attorney general as its target.”
Another Democrat that was held in contempt of congress but eventually freed without any repercussions was Lois Lerner.
Lerner was held in contempt in 2013 after she refused to cooperate with an investigation into the IRS for explicitly targeting Conservative groups with audits. Lerner headed the IRS division that covered applications for tax-exempt groups but refused to help the investigation and retired.
Both Lerner and Holder never faced a trial.
Stay tuned to National File for any updates.