Founder of FTX, SBF Single-Handedly Funded $760,000 to This Political Organization
According to recent reports, Sam Bankman-Fried, a controversial crypto tycoon, almost single-handedly sponsored a Washington-based ethics group’s political arm in 2021. SBF contributed more than 95% to the organization’s earnings in that year and almost 94% to its expenses.
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According to a spokesperson for the organization, Bankman-Fried is expected to donate $760,000 to Campaign Legal Center’s (CLC), action fund in 2021. This $760,000 commitment was one of two significant pledges made by SBF to CLC Action. The other was a gift of $300,000.
According to the report, Bankman-Fried’s extravagant spending helped sustain CLC Action. This organization is described as a “social welfare organisation” and a tax-exempted philanthropic arm.
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Brendan Quinn, a spokesperson for the Washington group, was asked about the return of SBF’s contributions following the FTX bankruptcy proceedings.
$2.5 million has been placed in a separate account, until further instructions from bankruptcy courts. We cannot change the past but we can change our future.
Numerous Donations to SBF
The Securities and Exchange Commission (SEC), who indicted Bankman-Fried for defrauding investors through his now-defunct FTX cryptocurrency exchange, has increased scrutiny of his donations and contributions.
His contributions helped a wide range of causes in the United States including political campaigns, media organisations, and charitable causes. The disgraced crypto founder is being investigated for multiple violations of the laws governing campaign finance guidelines.
The news broke on December 29 that the 30-year old SBF had agreed to plead guilty to the criminal allegations in Manhattan federal court on January 3, 2023 before U.S. District Judge Lewis Kaplan.
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