The FTX scandal is huge.
You have probably heard of Bernie Madoff. This is worse.
The person at the center of this scandal is Sam Bankman-Fried. SBF ran a cryptocurrency exchange called FTX which was little more than a massive Ponzi scheme. He may have scammed thousands of people out of millions upon millions of dollars. The true extent of the scandal is not yet fully known.
What we do know is that SBF was a massive donor to various Democrats and that he also gave a lot of money to liberal media outlets, which in turn gave him glowing profiles in print and on cable news.
The Federalist breaks it down:
What To Know About Mega Democrat Donor Sam Bankman-Fried And His Busted Crypto Scam
Bankman-Fried was the CEO of FTX, a cryptocurrency exchange based out of the Bahamas. On Nov. 8, Bankman-Fried announced on Twitter that the FTX exchange had run out of money to process the uptick in customer withdrawal requests. FTX immediately halted customer withdrawals and the result was a $10 billion hole as millions of cryptocurrency investors were left with frozen trading accounts and little hope of recovering funds. Within hours of FTX freezing customer assets, Bankman-Fried’s net worth plummeted in the biggest single-day loss of net worth by a billionaire on record, dropping from over $15 billion to nothing in a matter of days.
On Nov. 6, it became known to the public that FTX had several large financial positions that were in danger. This news created an uptick in customer withdrawal requests from the FTX exchange as some customers became worried that FTX could run out of funds if their positions failed…
Bankman-Fried was the second-largest individual contributor to Democrats in the 2022 midterm election, giving more than $36 million to Democrat candidates and only $235,200 to Republicans. He donated to a handful of candidates in the Democratic Party through a PAC called Protect Our Future. Protect Our Future’s stated mission is to support candidates who will be “champions for pandemic prevention.” The PAC gave significant sums of money to Democrat candidates Lucy McBath and Carrick Flynn, and several others.
So @SBF_FTX gave money to media outlets like Vox & The Intercept. He’s had glowing puff pieces in NYT, Fortune, Forbes, CNBC…
Writing big fat cheques to the Democrats buys a lot of glowing PR
— Rita Panahi (@RitaPanahi) November 16, 2022
The media is still trying to protect SBF. It’s not going to work.
Is this really a headline that accurately represents the events of the week??
The media is protecting SBF.
Pay Attention! pic.twitter.com/e26UB4cUAQ
— Ran Neuner (@cryptomanran) November 18, 2022
This is all eventually going to come out and people are going to jail.