U.S. government drops charges against FTX founder

In the trial of FTX founder Sam Bankman-Fried, the U.S. government is dropping election interference charges.

There were 12 charges against FTX founder Sam Bankman-Fried. According to a document, the U.S. Department of Justice (DOJ) is withdrawing the charges related to alleged violations of campaign laws. As Bloomberg reports, the withdrawal of the charges came after consultations with the Bahamas, which disagrees with the charges. The U.S. made several concessions to the island nation last December to secure the FTX founder's extradition. Why the Bahamas refused to agree is unclear. The FTX founder is said to have enormous influence in the island nation, up to the highest levels.

The demise of SBF's crypto empire also caused a moderately severe political crisis in the US. The FTX founder donated a total of $93 million to US politicians, 40 million of which went to the Democratic Party, $5.2 million of which went directly to Joe Biden's election campaign. Bankman-Fried is currently out on bail. But that could change. Assistant US Attorney Danielle Sassoon recently asked that bail be revoked. The reason: SBF allegedly leaked intimate diary entries from his ex-girlfriend Caroline Ellison to the NY Times. She is testifying against him as a key witness in the trial.