The U.S. District Court for the Southern District of New York has dismissed an indictment related to the founder of crypto exchange FTX, Sam Bankman Fried (SBF). The document revealed four new charges brought against the former crypto executive.
The charges include illegal political donations, bank fraud, conspiracy to commit bank fraud, and more. The new charges add to the eight allegations previously presented by the state and the potential for life in prison if SBF is found guilty.
FTX Founder And Team Playing Both
According to a report from the New York Post, the indictment shows a complex scheme by SBF and other FTX executives to make illegal donations to politicians in the US. Over 300 candidates and elected government officials received donations from Bankman-Fried and other FTX executives.
The report states that SBF contributes to Republican and Democratic candidates and politicians to gain influence for “their own benefit.” The donation created controversy, and several politicians were forced to return the funds. The document states:
(…) In total, between or around the fall of 2021 and the November 2022 election, [Bankman-Fried] and two FTX executives who were straw donors as part of the scheme … together made millions of dollars in contributions, including ‘hard money’ contributions to federal candidates from both major political parties.
The Republican Party accepts donations from others in the name of FTX as SBF tries to protect its “left-leaning” reputation. The report states:
(…) you (SBF) being left of center throwing us means you give a lot of s–t for transactional purposes.
“Woke Game”
The recently disclosed indictment proves that SBF and his team understand and try to gain pollical influence in Washington. Last year, when FTX collapsed, when customers saw their funds evaporate, SBF spoke to VOX.
In the controversial interview, SBF blamed the regulator for “not protecting consumers” and making “everything worse.” The founders of FTX are considered representatives of the crypto industry and a movement called “effective altruism.”
He aims to collect a large fortune and donate money to charity in order to have a “real impact” in the world. According to the VOX interview, the altruistic part of this plan is part of a stunt campaign, a public relations strategy.
Speaking about an effective altruism approach, SBF says:
People, all the nonsense I said, it’s not true, it’s not (…). Everyone goes around saying that perception reflects reality (…). I have to (smart on ethics), that’s what reputation is made of, to some extent. I feel bad for those who get bastards by it, by this dumb game we wake up westerners play where we say all the right shiboleths and let everyone like us.