US Gov Drops Another Charge On FTX Founder SBF
In a recent turn of events, the U.S. prosecutor on Thursday filed to drop campaign finance charges against the founder of the now bankrupt FTX crypto exchange, Sam Bankman-Fried (SBF). This move by the authorities has again brought the donations made by SBF to the Biden party into limelight.
Also Read: Mike Novogratz Says “Democrats are Shooting Themselves in the Foot”
Big Win For SBF?
Sam Bankman-Fried has been charged with campaign finance violations and fraud charges by the US court. He was extradited from the Bahamas after the horrible collapse of FTX. However, the Federal prosecutors now want the campaign finance rules violation to be dropped.
As per the court filings, the prosecutors highlighted that they received information from a Bahamas representative. It suggests that the nation’s government did not intend for the FTX founder to commit campaign finance violations. However, FTX’s bankruptcy lawyer asked the donation recipient to return the funds.
The dropping of crucial campaign funding charges has been seen as a victory for SBF, who is under house arrest. However, his legal team earlier argued over several faults that happened during the extradition process.
As of now, failed crypto exchange founder SBF will now be facing seven charges in the trial scheduled in October, 2023. These charges involve defrauding users and FTX’s creditors.
Sam Bankman-Fried and the US attorney’s office haven’t made any comments on the court proceedings.
SBF Donated $93 Million To Democrats
It is important to note that SBF reportedly reportedly made one of the biggest donations for Biden’s 2020 political campaign. However, he also allegedly made several donations to US politicians from the $93 million in stolen user funds. SBF was reportedly among the biggest donors in the 2022 midterm elections as he donated around $36 million among the candidates.
Earlier, Karine Jean-Pierre, White House press secretary, reportedly declined to answer questions over the matter that involves US President Biden’s link to $5.2 million in campaign donations.
- October Fed Rate Cut Odds Rise After Weak U.S. Labor Data, Bitcoin Surges
- Hashdex Adds Cardano to Crypto Index Fund as ADA Gains SEC Listing Eligibility
- U.S. Treasury To Ease Tax Rule on Unrealized Bitcoin Gains, Aiding Saylor’s Strategy
- Trump-Backed World Liberty (WLFI) Plans RWA Tokenization Paired with USD1 Stablecoin
- Stripe Eyes U.S. Banking Charter, Pioneers One-Click Stablecoin Issuance for Firms
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?
- Analyst Predicts Dogecoin Price Surge as DOGE ETF AUM Hits $20M
- Ethereum Price Eyes $8,600 As Institutions And Whales Double Down
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
