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.