FTX gave $1 million to McConnell-backed super PAC
"FTX gave to the establishment on both sides and it is telling who is willing to call this out and who isn't."
By: Joshua Young
November 27, 2022: The collapsing cryptocurrency company FTX when it was run by disgraced former CEO Sam Bankman-Fried contributed $1 million to the super-PAC aligned with Senate Republican Leader Mitch McConnell, the Senate Leadership Fund, in the 2022 midterm election cycle.
Bloomberg reported Friday that the Senate Leadership Fund "received the $1 million donation on Oct. 27, according to its most recent filing with the Federal Election Commission. Only a couple of weeks later, more than a 100 FTX-related companies, including the US arm, filed for bankruptcy, and Bankman-Fried resigned as head of the corporate group."
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West Realm Shires Services Inc., which operates under its commercial name, FTX US, was the official entity reported to the FEC that gave the contribution to the Senate Leadership Fund, the leading spender in the 2022 midterm with $239 million spent on McConnell-backed Republican candidates.
Jack Posobiec wrote on Twitter, "FTX gave to the establishment on both sides and it is telling who is willing to call this out and who isn't."
Bankman-Fried was the second biggest Democrat donor right after George Soros in donations for the 2021-22 cycle. The former billionaire made donations to the Dems that totaled $39.8 million, putting him behind Soros and his $128 million. Bankman-Fried became a significant donor to Biden starting in 2020 with $10 million in support.
The crypto industry gave $84.1 million through mid-October towards the 2022 midterms, but Bloomberg reports Bankman-Fried was the major donor of that bloc.
$2 billion of FTX customer funds inexplicably vanished last week. At the same time, Bankman-Fried had a personal net worth of around $16 billion but that reportedly has diminished by 94 percent and he resigned from his position on November 11.
FTX was allegedly transferring customer's monies to Alameda Research to cover a gap in their funding.
In an unhinged interview for Vox, Bankman-Fried blamed his personal and FTX's downfall on CEO of Alameda Research, Caroline Ellison, who is his ex-girlfriend, and he said he "thought Alameda had enough collateral to reasonable cover it" in reference to his funneling large sums of money from FTX to Alameda.
Source: The Post Millennial