Key Takeaways:
- Sam Bankman-Fried donated millions to politicians, including US President Joe Biden
- Americans now demand that they return the funds Bankman-Fried stole from FTX customers
- The jury has already found SBF guilty on all counts
YEREVAN (CoinChapter.com) — Former billionaire Sam Bankman-Fried (SBF) was found guilty on all seven counts filed against him. With the verdict now in, many people are turning their attention to several US politicians, including President Joe Biden, who received a share of the billions in customer funds he stole from his crypto exchange FTX.
On his meteoric rise to riches and fame, Bankman-Fried befriended many people in the higher echelons of power. To get what he wanted, he let them get a slice of the funds he misappropriated.
“These are politicians who took money from Sam Bankman Fried. Every single one of them needs to give it back. That money came from SBF defrauding FTX users. The fact they haven’t all given it back to help make users whole says everything about their character,”
activist Robby Starbuck wrote.
Democrats should return the money Sam Bankman-Fried stole
Bankman-Fried was a serial political donor, generously contributing to election campaigns. Although some Republicans also received money from him, the lion’s share went to the Democratic party.
During the 2022 midterm election, Bankman-Fried was the second-largest donor to Democrats. According to the Center for Responsive Politics, only George Soros shelled out more than he did.
The amended indictment that the Government filed in August against Bankman-Fried alleged he used over $100 million in stolen funds towards political donations.
US President Joe Biden also received at least $5.2 million from him. According to the prosecutors, SBF did this to be able to pull strings in his favor.
“He leveraged this influence, in turn, to lobby Congress and regulatory agencies to support legislation and regulation he believed would make it easier for FTX to continue to accept customer deposits and grow,”
the indictment alleged.
To circumvent the contribution limit, SBF made some of the donations through his colleagues at FTX and Alameda Research.
In February this year, just months after the collapse of FTX, some Democrats announced they would pay back 2.2% of the donations they received from Bankman-Fried. Back then, the figure was $45.2 million. This meant, that they had agreed to return just $1 million.
According to a CryptoWhale analysis, the FTX chief made donations on over 100 instances. Out of these, only 9 instances were to Republicans. The rest went to Democrats.
Besides Biden, Former Speaker of the House Kevin McCarthy (Republican) and Senate Majority Leader Chuck Schumer (Democrat) also got a share.
None of these, including Joe Biden, have made a move to return the stolen funds.
Why is the Department of Justice not going after them?
Many angry investors believe Bankman-Fried was able to pull off the “biggest financial frauds in US history” because of his donations. By taking money from him, the politicians allegedly looked away, allowing him to steal his way to fame.
The investigation and subsequent trial also revealed that SBF had planned to donate up to $1 billion to Democrats in the 2024 Elections.
Now, people are demanding authorities take action against these politicians.
“If SBF stole users funds and donated them to politicians, wouldn’t it make them thieves or partners in crime too. Wouldn’t they have to return those funds back lawfully to the clients?”
one trader wrote.
Bitcoin (BTC) critic and gold maximalist Peter Schiff also expressed similar sentiments. In a hard-hitting post on X, he called for action to be taken against those who accepted donations from Bankman-Fried.
Ahead of the 2024 elections, Americans should demand from their politicians to return all stolen funds to FTX customers. Law enforcement authorities should make sure those who profited from SBF’s theft are punished.
