FTX Founder SBF Funded $760,000 To This Political Organization – Crypto News – Crypto News
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FTX Founder SBF Funded $760,000 To This Political Organization – Crypto News

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According to the latest reports, the controversial crypto tycoon Sam Bankman-Fried almost single-handedly sponsored the political arm of a famous Washington-based ethics organization back in 2021. The contribution from SBF amounted to more than 95% of the organization’s earnings for that year, and it also covered almost 94% of the organization’s expenses.

Buying Political Influence?

Bankman-Fried has been said to donate around $760,000 to the Campaign Legal Center’s (CLC) action fund in 2021, according to a spokesperson for the organization. This commitment of $760,000 was one of two significant pledges that SBF made to CLC Action, the other being a gift of $300,000 in the year 2022.

As per information gathered from the reportsthe extravagant spending of Bankman-Fried helped sustain CLC Action, which describes itself as a “social welfare organization”, as well as the tax-exempt philanthropic arm of the ethics watchdog group.

Read More: Sam Bankman-Fried Used $546 Mn From Alameda Research To Buy Robinhood Shares

When asked about returning SBF’s contributions after the FTX’s bankruptcy proceedings started, Brendan Quinn, a spokesman for the Washington group, stated that:

$2.5 million has been put into a separate account until [further] Instructions are received from bankruptcy courts. We cannot change the past, but we can change the future.

SBF’s Numerous Donations

Since Bankman-Fried was indicted by the Securities and Exchange Commission (SEC) for defrauding investors in his now-defunct FTX crypto exchangethere has been an upsurge in the scrutiny of his donations and contributions.

His contributions helped a wide variety of causes in the United States, including political campaigns, media organizations, and charitable causes. Additionally, the disgraced crypto founder is currently being investigated for multiple infractions of laws governing the campaign finance guidelines.

On December 29, news broke that the 30-year-old SBF has agreed to enter a plea to the criminal allegations in a Manhattan federal court on January 3, 2023, before the US District Judge Lewis Kaplan.

Also Read: MicroStrategy Sells 704 Bitcoins (BTC) For The First Time Due To This Reason

Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now – he has seen it all.

The content presented may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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