There’s A LOT of strange questions surrounding the fall of cryptocurrency exchange FTX and its co-founder, 30-year-old San Bankman-Fried. It’s a little early to be sure about exactly what caused what “one of history’s greatest-ever destructions of wealth,” as Bloomberg noted.
For context, FTX is cryptocurrency exchange started in 2019 and based in the Bahamas. Within a short period of time, FTX had many celebrities endorsing the exchange, including Tampa Bay Buccaneers quarterback Tom Brady. When customers moved to withdraw their investments in FTX following concerns over lack of capital, FTX collapsed into oblivion while Bankman-Fried "and dozens of affiliated companies" filed for bankruptcy, according to reports.
Bankman-Fried, known to many simply as “SBF,” looks to have been one of the most generous donators to the Democratic Party not named George Soros. There’s also a lot of money not accounted for, or as The Blaze reported, “vanished from the FTX cryptocurrency exchange."
We’re talking billions of dollars here in investments from customers of the exchange. As said at the top, there’s a lot of questions as to what happened to FTX, Bankman-Fried, the money lost and the possible connections to Ukraine and the Democratic Party.
How does that amount of money simply vanish? Was the money sent over to Ukraine invested into FTX and then sent back to Democrats in order to help fund their 2022 midterm campaigns? Is the charge of money laundering on the table if significant amounts of money were filtered through FTX under the guise of helping Ukraine in its fight against Russia only to be lost and brought back to Democrats?
These are things that SHOULD become more clear in the days and weeks ahead, but here’s what we know as of this moment.
This is just a collection of news concerning the possible illegal activity from sources that run the gamut of media:
When news of FTX’s demise hit the airwaves, customers reportedly tried to withdraw their money from the exchange. But, $1-$2 billion has gone missing, and the “whereabouts of missing funds are unknown.
According to The Daily Caller:
- Cryptocurrency CEO and Democratic donor Sam Bankman-Fried funded the campaigns of key lawmakers overseeing the Commodity Futures Trading Commission (CFTC), the agency tasked with regulating the crypto industry, as he was lobbying the CFTC for greater oversight over the digital asset marketplace.
- Bankman-Fried donated to the chair and ranking member of the Senate Agriculture Committee, the committee that has jurisdiction over the CFTC, as well as numerous other members of Congress involved in CFTC oversight.
- The FTX CEO also spent hundreds of thousands of dollars lobbying lawmakers and the CFTC on legislation that would expand the scope of the agency’s role in regulating the crypto industry.
Crypto news outlet CoinDesk reported back in March of this year that the Ukrainian government had launched a donation website purely for crypto donations called “Aid for Ukraine.” That website had “the backing of crypto exchange FTX.” Within weeks, the website raised tens of millions of dollars with the possibility of it reaching $100 million in donations based on crypto market swings.
As for the “conspiracy” portion of what might’ve happened to the money that magically disappeared, there are some independent journalists who believe that Ukraine took the money given to them by the U.S. taxpayers, invested it into FTX and then FTX — allegedly through SBF — sent that money to Democrats to fund their midterm push.
Others believe that the fall of FTX was facilitated, almost intentionally, in order to give the federal government the impetus to move forward with wide-ranging regulations that would essentially put the government in charge of the crypto market, and in turn, the evolution of cryptocurrency in general.
Almost immediately following the reports of FTX's collapse, the totally trustworthy U.S. Treasury Secretary Janet Yellen called for the regulation of exchanges.
"It shows the weaknesses of this entire sector," Yellen said, according to Bloomberg News.
Yeah, anytime there's a perceived weakness in pretty much anything, the government always tries to swoop in to say that they'll help "fix the problem."
There are a lot of moving parts to this story. But, one thing we can do as Americans is ask the questions that appear to run through all of our minds whenever something sketchy happens involving millions — if not, billions — of dollars, particularly when that money comes from U.S. taxpayers, investors and donators.
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In September, Biden said he would get inflation under control.— MRCTV (@mrctv) November 14, 2022
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