Who has returned donations or contributions from FTX amid the firm’s reputational risks?
Before its downfall, crypto exchange FTX and its then-CEO Sam Bankman-Fried had been some of the most prolific spenders in the space, bailing out crypto firms and donating to political campaigns and media outlets. With more than 1 million FTX creditors looking to be made whole, what’s happening with these funds?
Bankman-Fried said in May he had been willing to donate between $100 million and $1 billion to lawmakers as part of elections in 2024. Bloomberg reported on Dec. 12 — hours before SBF’s arrest in the Bahamas — that his total donations could be at least $73 million, given directly to candidates or through political action committees (PACs).
Though many of Bankman-Fried’s and FTX's donations to Democrats were noted with the Federal Election Commission as part of the public record, the former CEO implied in a December interview that Republicans had received roughly the same amount in “dark” donations. North Dakota Senator John Hoeven, a Republican, reportedly donated to the Salvation Army the $11,600 he received from SBF and former FTX Digital Markets co-CEO Ryan Salame.
The Democratic National Committee, Democratic Senatorial Campaign Committee and the Democratic Congressional Campaign Committee all reportedly pledged to return more than $1 million in donations from SBF they had collectively received since 2020. CNBC reported on Dec. 20 that the Senate Majority PAC — supporting Democratic candidates — planned to return the roughly $1 million received from Bankman-Fried and $2 million from former FTX engineer Nishad Singh.
U.S. President Joe Biden, whose 2020 presidential campaign accepted $5.2 million in donations from Bankman-Fried, has not commented on what he intends to do with the funds. Texas gubernatorial
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