The Department of Justice did not believe the 56 million shares of Robinhood, worth about $465 million, were property of a bankruptcy estate, U.S. attorney Seth Shapiro told U.S. Bankruptcy Judge John Dorsey, who is overseeing the FTX bankruptcy.
A trio of Democrat-affiliated Political Action Committees (PAC) that together received nearly $30 million from disgraced former crypto CEO Sam Bankman-Fried, according to the Washington Post, have not yet announced whether they intend to return this money, and have not responded to inquiries from the Daily Caller News Foundation.
Washington has its own giant FTX problem, in what now appears to be millions of dollars in dirty donations. It’s a donor scandal for the ages, and yet politicians are mum on what they intend to do about it.
SBF donated $6 million to the House Majority PAC, an outside group affiliated with Speaker Nancy Pelosi.
According to Forbes, which obtained a copy of his draft testimony, we now know what Bankman-Fried would have told lawmakers had he not been arrested.
“I would like to start by formally stating, under oath: I f***ed up,” he wrote.
Lawyers for the bankrupt crypto exchange FTX will square off in court on Wednesday to fight a demand for internal records from an insolvent affiliate based in the Bahamas as the two wrestle over scraps of the once high-flying business.
Worth as much as $26.5 billion, Bankman-Fried donated $36 million to Democrats during the 2022 midterms. He said he gave “about the same amount” to Republicans in dark money, but has not provided evidence for the claim.
In mid-2020, FTX’s chief engineer made a secret change to the cryptocurrency exchange’s software.
He tweaked the code to exempt Alameda Research, a hedge fund owned by FTX founder Sam Bankman-Fried, from a feature on the trading platform that would have automatically sold off Alameda’s assets if it was losing too much borrowed money.
Police said Mr Bankman-Fried was arrested for “financial offences” against laws in the US and The Bahamas.
Last month FTX filed for bankruptcy in the US, leaving many users unable to withdraw their funds.
Bankman-Fried, a self-proclaimed “effective altruist,” 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 Democratic circles.
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