News - FTX demands repayment of political donations

By Ted Maas

FTX demands repayment of political donations

Scams, crime and fraud

According to a pressrelease FTX has claimed back political donations during the insolvency proceedings. All concerned were informed of this in "confidential letters."

A few weeks earlier, the insolvent stock exchange had already demanded refunds from nonprofit and charitable organizations. The value of all this? $160 million. A still unconfirmed list of recipients was compiled by crypto analysts Unusual Whales.

The company, led by now-indicted founder Sam Bankman-Fried, reportedly supported political campaigns to the tune of $93 million. According to US media, these were mostly representatives of Democrats. But the Republicans also allegedly received millions in donations from FTX co-CEO, among others Ryan Salame.

They all now have "until the end of the month" to return the money. Otherwise, FTX reserves the right to "enforce payments, including interest."

The trustees of FTX thus continue to make every effort to recover the company's assets. The task force set up for this purpose is seeking an estimated $8 billion in misappropriated client funds. Of this amount, $5 billion has already been recovered.

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