UPDATE:
He’s being extradited:
Sam Bankman-Fried
He financed the Dems’ rigged midterm elections.
Not long ago, Sam Bankman-Fried was the king of the cryptocurrency world.
Last week, the bottom fell out. On Friday, his crypto exchange, FTX, filed for bankruptcy, according to Reuters.
But it gets worse.
Reuters, citing sources it did not name, said at least $1 billion of customer funds are gone.
Further, Bankman-Fried, moved $10 billion of customer funds from FTX to his trading company, Alameda Research, Reuters reported, with possibly up to $2 billion of that now missing.
Reuters reported that Bankman-Fried, who is reportedly in the Bahamas, texted Reuters that he “disagreed with the characterization” of the $10 billion move saying, “We didn’t secretly transfer.”
“We had confusing internal labeling and misread it,” he texted. When asked about missing funds, he replied with question marks but did not answer, Reuters reported.
The collapse of Bankman-Fried’s empire is a major event for the cryptocurrency world, but also for the Democratic Party, according to Fortune.
At the age of just 30, Bankman-Fried was the party’s second-biggest individual donor over the 2021-2022 election cycle, in the 2021–2022 election cycle, with $39.8 million in donations, $36,793,956 of which went to the Democratic Party, according to OpenSecrets.
First place, by the way, went to billionaire George Soros at a little over $128 million.
Bankman-Fried had big plans going forward, Fortune reported, saying he had a “soft ceiling” of $1 billion for the 2024 presidential cycle.
But now, all that is just talk after his net worth dropped from $15.6 billion to potentially below $1 billion, on Tuesday alone, according to Forbes.
Bankman-Fried’s empire began to fall Sunday when the head of a rival crypto exchange said he would dump all FTX-linked coins. At one point, the rival exchange — Binance – appeared ready to buy FTX but then backed out, sealing the doom of FTX, which appeared to be fiscally too unstable to pay out the money that customers were demanding.
(The U.K. Guardian explored the “key role” Binance played in the FTX disaster in an article published Friday. The world’s largest cryptocurrency exchange, Binance has its own controversies, as Reuters reported in September.)
……as noted by the Washington Free Beacon, Bankman-Fried, met twice this spring with Steve Ricchetti, a top adviser in the Biden White House.
The Dems used some of that money to fund the war in Ukraine.
He’s being detained in the Bahamas.
The group were reportedly trying to flee to Dubai, a city in the United Arab Emirates that prior to February 24, 2022 had no extradition treaty with the United States.
Sam Bankman-Fried, the former CEO of the collapsing cryptocurrency company FTX, along with two others associated with the company, director of engineering Nishad Singh and co-founder Gary Wang, are “under supervision” in the Bahamas after the trio reportedly were planning on fleeing to Dubai.
According to Cointelegraph, “Right now three of them, Sam, Gary, and Nishad are under supervision in the Bahamas, which means it will be hard for them to leave.”
……The New York Post reports that FTX’s implosion followed revelations “that co-founder Sam Bankman-Fried had been funneling money to a sister trading company run by his girlfriend.” That company, Alameda Research, is run by Bankman-Fried’s girlfriend, Caroline Ellison, and is also based in the Bahamas.
Looks like a major Dem cash cow will be going to jail.
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