FTX Would Like Its Donations Back, Please

Vaporized crypto exchange wants something on the order of $93M returned by Feb. 28
By Polly Davis Doig,  Newser Staff
Posted Feb 6, 2023 4:37 PM CST
FTX Would Like Its Donations Back, Please
FTX founder Sam Bankman-Fried leaves Manhattan federal court on Jan. 3, 2023, in New York, after he pleaded not guilty to charges that he cheated investors and looted customer deposits on his cryptocurrency trading platform.   (AP Photo/Seth Wenig, File)

In the election cycle just past, then-wunderkind crypto gazillionaire Sam Bankman-Fried and his FTX cronies opened up their wallets and showered candidates with cash in what CoinDesk calls "a monumental influence campaign that crossed party lines." Now that FTX is bankrupt, and SBF's wallet is pretty much vaporized, FTX would like those donations back—to the tune of some $93 million. FTX said on Sunday that it's sending letters to all recipients saying it reserves "the right" to force the return of the donations with interest via court, but it's asking nicely by the end of the month.

Axios notes that Bankman-Fried was the second-largest donor to the Democrats with $37 million, while FTX Digital Markets co-CEO Ryan Salame was the GOP's 10th-largest donor with $19 million. The Guardian reports that while some politicians tried to cleanse their consciences by making matching donations to charities, FTX is looking to recoup investors' losses, and is warning that anything less than the full return of the funds isn't good enough. (More FTX stories.)

Get the news faster.
Tap to install our app.
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.