Sam Bankman-Fried, the disgraced crypto billionaire, continues to be a darling of the Left. On a day when other news stories, such as UFO coverage and the Hunter Biden plea deal, dominated media attention, Bankman-Fried managed to persuade prosecutors in the Southern District of New York to drop a significant charge against him. This outcome favored the Democrats who received millions in campaign donations from the accused Ponzi schemer during the 2022 election cycle.
FTX, the now-collapsed billion-dollar crypto exchange, was a triple threat before its downfall. Led by Sam Bankman-Fried and his reckless associates, the company allegedly engaged in various shady activities. Despite this, they managed to donate nearly $40 million to Democrat political friends during the 2022 election cycle under the guise of “Effective Altruism.” Gabe Bankman-Fried, SBF’s brother and FTX lobbyist, even considered using his billions to create a fortress for a “genetically enhanced human species” to survive future apocalypses.
The federal prosecutors dropped the politically tantalizing campaign finance charge against Bankman-Fried. This charge involved millions of dollars in direct payments to numerous politicians, including notable Democrats like Sens. Patty Murray, Debbie Stabenow, and John Boozman, who had a hand in crafting cryptocurrency legislation. Bankman-Fried was also a major donor to Joe Biden and Gavin Newsom, among others.
In addition to direct donations, Bankman-Fried set up a super PAC called “Protect Our Future PAC” through which he channeled $10 million to the campaign of unsuccessful Oregon congressional candidate Carrick Flynn. The PAC was ostensibly about pandemic preparedness, but the true intentions behind the donations remain unclear.
Before FTX collapsed, Bankman-Fried boasted of plans to spend over $1 billion in the 2024 election cycle. However, prosecutors dropped the campaign finance violation charges due to the Bahamas government’s unwillingness to extradite him for that specific count. The case will proceed to trial on remaining fraud charges in October.
Bankman-Fried’s alleged fraudulent activities took place amidst U.S. efforts to discredit cryptocurrencies and introduce a digital dollar. Despite the ongoing case, Bankman-Fried continues to be a prominent figure in the crypto and political landscapes, with Democrats being the major beneficiaries of his past actions.