Prior To FTX Bangkrut, Sam Bankman-Fried Became The Second Largest Donation For The US Democratic Party

JAKARTA FTX founder Sam Bankman-Fried has donated his funds to the US Democratic party within 2021-2022. However, now the Bankman-Fried FTX company has officially declared bankruptcy.

According to a Fortune report, the founder and former CEO of FTX donated nearly $40 million to the Democratic Party in this election cycle, under George Soros, which provided about 128 million US dollars, according to OpenSecrets, a nonprofit based in DC.

Meanwhile SCMP reported that Democratic lawmakers who received millions of dollars in campaign donations from Sam Bankman-Fried said they were ready to roast former FTX CEOs in connection with the stock exchange's collapse, as court filings revealed that he and other FTX executives received massive loans from affiliated company, Alameda Research.

Prior to the collapse, Bankman-Fried donated tens of millions of dollars from its crypto royal wealth to the Democratic Party campaign, making it the second-largest fund contributor to the party in recent part-time elections. But the political contributors said they were ready to investigate the sudden fall of FTX, which could potentially cause billions of dollars in losses to millions of FTX account holders.

On November 11, FTX filed for bankruptcy protection Chapter 11 in the United States (US). After not long after, Sam Bankman-Fried announced his resignation from the position of CEO of the company. His position was replaced by John Ray III.

Never in my career have I seen the company's complete control failure and the absence of reliable financial information, John Ray III, the group's new CEO, who previously oversees Enron's liquidation, in an sworn statement filed in bankruptcy court.