(SNews) – One of the biggest scandals emerging from last week’s implosion of cryptocurrency company FTX is how much cash the CEO was pumping into the coffers of U.S. Democrats.
As Slay News has been reporting, FTX has been exposed for being at the center of a money laundering effort in Ukraine.
FTX co-founder and CEO Sam Bankman-Fried has admitted that his crypto company served as the Ukrainian government’s laundromat that has benefitted U.S. Democrats and powerful global elites.
After Democratic Party politicians, including President Joe Biden, pushed for billions of dollars in taxpayer money to be sent to Ukraine, the funds were laundered through FTX and funneled back into the 2022 midterm elections campaigns of Democrat candidates and the pockets of powerful elites.
Bankman-Fried is on record pumping $40 million into Democrat campaigns this election cycle.
The staggering donations make the FTX CEO the Democratic Party’s second-largest donor after radical billionaire George Soros.
Meanwhile, the bombshell explosion of FTX has exposed several top politicians and global elites.
Democrat lawmakers massively benefitted from Bankman-Fried’s donations during the 2022 midterms.
The following is a list of Democrats, all of whom won re-election, that Bankman-Fried directly pumped cash to:
Rep. Lucy McBath (D-GA)
Rep. Shontel Brown (D-OH)
Rep. Robert Garcia (D-NC)
Rep. Valerie Foushee (D-NC)
Rep. Jesus “Chuy” Garcia (D-IL)
The donations didn’t end there, however, as Bankman-Fried plowed millions into groups that funneled money to Democrat campaigns.
The young multibillionaire contributed nearly $40 million in funds that benefited Democrat candidates during the recent midterm elections, according to data from Open Secrets.
The 30-year-old donated $27 million to Protect Our Future PAC, a left-leaning group that, in turn, spent heavily on behalf of Democrat candidates for the House of Representatives.
A contribution of over $10 million from Protect Our Future PAC, on behalf of Bankman-Fried, benefited Carrick Flynn, who lost his Democratic Party primary in Oregon.
Bankman-Fried also contributed $1 million to the Senate Majority PAC, which supports Democratic candidates for the Senate.
He also pumped $6 million into the House Majority PAC.
During the 2020 election cycle, he was the second-largest donor to Democrat President Biden’s campaign.
Before FTX’s demise, Bankman-Fried had been preparing to spend as much as $1 billion during the 2024 election cycle to keep the Democratic Party in control of the White House.
His parents, Stanford Law School professors Joseph Bankman and Barbara Fried, are well-connected within Democrat establishment circles.
Joseph Bankman has aided Sen. Elizabeth Warren (D-MA) with drafting financial regulations.
Barbara Fried leads Mind the Gap, a left-wing organization that raises funds for the Democrats among wealthy Silicon Valley donors.
Earlier this year, Bankman-Fried launched an initiative alongside Ukraine’s Ministry of Digital Transformation to supposedly fundraise for the embattled nation.
The fund has received billions in taxpayer money from the Biden administration that was meant for humanitarian and military aid.
The arrangement marked “the first instance of a cryptocurrency exchange providing a conduit for crypto donations to a public financial institution,” according to a press release from a Ukraine-based cryptocurrency firm.
FTX converted the donations into fiat currencies and transmitted the funds to the National Bank of Ukraine.
Bankman-Fried was using FTX to launder tax dollars that were sent to Ukraine and then pumped the cash back into the campaigns of Democrats and the pockets of global elites.