Dem Megadonor Sam Bankman-Fried Has Lost All His Money The net worth of crypto scion Sam Bankman-Fried, who this year promised to donate a billion dollars to Democratic campaigns, is $0. After his cryptocurrency company FTX declared bankruptcy and Bankman-Fried stepped down as CEO, the Democratic megadonor lost his entire $16 billion fortune..... On Thursday, Bankman-Fried's philanthropic aides resigned, according to Puck News. They wrote a letter saying FTX leadership "may have engaged in deception or dishonesty." "We are now unable to perform our work or process grants, and we have fundamental questions about the legitimacy and integrity of the business operations that were funding the FTX Foundation and the Future Fund," the letter said. "As a result, we resigned earlier today." Bankman-Fried was a friendly face at the White House, participating in meetings just months ago. The Securities and Exchange Commission and Commodity Futures Trading Commission are now investigating FTX for allegedly mishandling customer funds. FTX founder Bankman-Fried denies fleeing to South America amid crypto collapse Reuters reported, citing two people familiar with the matter, that at least $1 billion of customer funds had disappeared, with records revealing the financial hole. When asked about the missing funds, Bankman-Fried responded: "???"
Who cares, aside from Tom Brady and all the other celebs who put money into the thing? It was a bad bet. Move along. Buy McD stock and stop being dumbasses.
He switched parties not too long ago. Didn't you know he wanted to bankroll renown redhat Elon's twitter foray?
Apparently so. Soros gave 126 million to the dems for the midterms. Sam Bankman gave 36 million to a dem pac but they only spent half of it on the midterm elections. They did a bunch of covid stuff with the rest, apparently.
Beleaguered Crypto Billionaire Was Hobnobbing at White House Just Six Months Ago Sam Bankman-Fried, the owner of cryptocurrency exchange FTX, met on April 22 and May 12 with top Biden adviser Steve Ricchetti, according to White House visitor logs reviewed by the Washington Free Beacon. At the time, FTX was lobbying Congress and federal agencies to shape regulation of the crypto industry. The meetings are likely to raise questions about the extent to which Bankman-Fried used the promise of political donations to nudge Democrats toward helping his firm. FTX is teetering on the brink of insolvency after announcing it could not fulfill its customers’ withdrawal request due to lack of funds. Bankman-Fried lost nearly all of his $16 billion fortune in the liquidity crunch. And his troubles might get worse. The Securities and Exchange Commission and Commodity Futures Trading Commission are investigating whether FTX mishandled customer deposits in order to prop up the 30-year-old entrepreneur’s hedge fund, Alameda Research, according to Bloomberg News. It is a remarkable fall for Bankman-Fried, who has emerged as one of the Democratic Party’s biggest campaign donors. He gave more than $5 million to Biden’s 2020 presidential campaign, and has given millions more this cycle to the Democratic Party. In early May, between his first two visits to the White House, Bankman-Fried doled out $865,000 to the DNC, according to Federal Election Commission records. Earlier, in March, he cut three checks totalling $66,500 to the Democratic Senate Campaign Committee, and later in June he sent $250,000 to the Democratic Congressional Campaign Committee.
Charlie Munger- ya know, Buffet's wing man, was asked what he thinks about crypto and he said: "It's pure evil. It is as though everyone is training turds and everyone else is jumping in because they do not want to miss out on trading turds." Heh, funny dat. Some truthy-ness there too. Most likely recent events have not caused him to change his mind.