US Gov Drops Another Charge On FTX Founder SBF

US Gov today dropped yet another charge on FTX founder SBF.
Published by
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”

Advertisement

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.

Advertisement

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.

Advertisement

Share
Coingapestaff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • News

Can Cardano Save Kadena? Hoskinson Reaches Out After KDA Token Plunges 60% Amid Shutdown

Kadena has announced it was shutting down operations, sending its KDA price into a freefall.…

October 22, 2025
  • News

Analyst Turn Bullish with $400 SOL Target as Hong Kong Approves First-Ever Solana ETF in Asia

Hong Kong has officially approved the region’s first-ever Solana ETF in Asia. This comes as…

October 22, 2025
  • News

Veteran Trader Peter Brandt Says “MSTR Could Go Underwater” If Bitcoin Repeats 1977 Soybean Crash

Peter Brandt has drawn a comparison between Bitcoin’s current price pattern and the 1977 soybean…

October 22, 2025
  • News

BSC Meme Season Ends as PumpFun Surpasses Four Meme Amid $8M Inflows

The latest market data suggests that the BSC Meme Season may be coming to an…

October 22, 2025
  • News

ProShares Files for Index Crypto ETF Tracking Bitcoin, Ethereum, XRP, and Solana

Asset manager ProShares is seeking to establish a new crypto ETF tracking the CoinDesk 20…

October 22, 2025
  • News

Trump Says Meeting with China May Not Happen, Bitcoin Drops

U.S. President Donald Trump has cast doubts over his meeting with China's President Xi Jinping.…

October 21, 2025