FTX seeks to retrieve voluntary payments from donation recipients, including some Democrats

12/22/2022 / By Belle Carter

Collapsed cryptocurrency exchange firm FTX and its affiliated debtors (FTX Debtors) were approached by some recipients of contributions or other payments to return the money they received from the firm’s former CEO Sam Bankman-Fried (SBF) or the other executives.

According to reports, the company will attempt to recoup voluntary payments made to third parties prior to its collapse.

“To the extent such payments are not returned voluntarily, the FTX debtors intend to commence actions before the bankruptcy court to require the return of such payments, with interest accruing from the date any action is commenced,” the digital currency firm stated.

“Recipients are cautioned that making a payment or donation to a third party (including a charity) in the amount of any payment received from an FTX contributor does not prevent the FTX Debtors from seeking recovery from the recipient or any subsequent transferee.”

CoinDesk, a news site specializing in bitcoin and digital currencies, reported that the payments the company may possibly get back could include SBF’s political donations.

SBF made about $40 million in political donations in the 2022 election cycle, according to a CBS News review of Federal Elections Commission (FEC) campaign finance data. The media outlet reported that as per public records, his money primarily went to support Democratic committees and candidates, donating $6 million to the House Majority PAC, which focused exclusively on electing Democrats to the House of Representatives. He likewise spent $250,000 on the Democratic Congressional Campaign Committee and $66,500 on the Democratic Senatorial Campaign Committee.

“The bulk of his political donations – $27 million – bankrolled the “Protect Our Future PAC,” a group advocating for pandemic preparedness, the CBS article included.

The group reportedly spent $24.2 million on independent expenditures to support 19 Democratic House candidates, including Rep. Lucy McBath of Georgia. Carrick Flynn, who unsuccessfully ran for Congress in the Oregon Democratic primary, saw $10 million in outside spending from the organization.

Rep. Ritchie Torres also received some money from SBF. He told CoinDesk that he would be giving the $2,900 “unsolicited donation” to a local charity. Meanwhile, Former Texas Democratic candidate for governor Beto O’Rourke last month returned the $1 million contribution he received from SBF. (Related: Democrats SCRAMBLING to hide evidence linking them to former FTX CEO Sam Bankman-Fried.)

Criminal charges await SBF in America

The disgraced CEO of FTX is heading back to the United States to face various criminal charges from the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) after being arrested in the Bahamas.

He was held in the Bahamas Department of Correctional Services’ Fox Hill jail after being denied bail. According to numerous reports, he was supposed to stay there until the February 8, 2023 hearing. But Jerone Roberts, SBF’s attorney, requested immediate extradition, which has been granted.

SBF could arrive in New York as early as December 21. He signed documents on Tuesday, December 20, surrendering himself to the U.S., according to Bahamas Acting Commissioner of Corrections Doan Cleare.

According to Bloomberg News, SBF will be brought back to the U.S. on a private plane, escorted by Federal Bureau of Investigation (FBI) agents.

A person familiar with the matter also told Reuters that the FBI and U.S. Marshals Service officials already arrived in Nassau, Bahamas on Wednesday morning, December 21. According to reports, SBF is hoping that he may be granted bail once back on U.S. soil.

Follow CryptoCult.news for more updates on SBF’s criminal charges in the United States.

Watch the video below that talks about the DOJ’s and Dems’ plan behind SBF’s arrest.

This video is from Lisa Haven’s channel on Brighteon.com.