US Prosecutors Drop Campaign Funding Charges Against FTX Founder
Summary: The US prosecution has sought to withdraw campaign funding charges against Sam Bankman-Fried, founder of the defunct FTX crypto exchange. The government has indicted Bankman-Fried on fraud and campaign finance offenses, but federal prosecutors have changed their minds and want the charge of breaking campaign money laws withdrawn.
In a recent turn of events, on Thursday the U.S. prosecution sought to withdraw campaign funding charges against Sam Bankman-Fried (SBF), the founder of the defunct FTX crypto exchange. This action by the government has brought the SBF funding to the Biden party back into the spotlight.
The US court has indicted Sam Bankman-Fried on fraud and campaign finance offenses. Federal prosecutors, however, have changed their minds and want the charge of breaking campaign money laws withdrawn.
Trial Begins in October
Prosecutors emphasized in court documents that they had information from a representative of the Bahamas. This would indicate that the authorities of the country did not want the founder of FTX to break campaign finance laws. The bankruptcy attorney for FTX, however, requested the return of the contribution.
Moreover, the trial against SBF, the founder of a defunct cryptocurrency exchange, is set to begin in October 2023, and the defendant now faces seven accusations. Fraud against FTX’s customers and creditors is at the heart of these accusations.
One of the largest contributions to Joe Biden’s 2020 political campaign came from SBF, it has been claimed. However, he is also suspected of making multiple political donations to US lawmakers using the stolen $93 million. According to reports, SBF contributed over $36 million to various candidates in the 2022 midterm elections, making him one of the largest contributors.
White House press secretary Karine Jean-Pierre allegedly dodged questions about US President Biden’s connection to $5.2 million in campaign contributions earlier today.