Democrats heavily benefited from the campaign contributions of disgraced cryptocurrency billionaire and FTX CEO Sam Bankman-Fried, while other affiliates of the company likewise helped Republicans ahead of the company’s failure last week.
FTX filed for bankruptcy on Friday after users discovered that firms controlled by Bankman-Fried were allegedly fraudulently intertwined, causing him to lose his fortune overnight. The young multibillionaire contributed nearly $39 million during the recent midterm elections, with 99.6% of funds benefiting Democratic candidates, according to data from Open Secrets, which listed him as the nation’s sixth-largest individual midterm donor.
The 30 year old donated $27 million to Protect Our Future PAC, a left-leaning group which in turn spent heavily on behalf of Democratic candidates for the House of Representatives. A contribution of over $10 million from Protect Our Future PAC benefited Carrick Flynn, who lost his Democratic primary in Oregon. Other beneficiaries included Rep. Lucy McBath (D-GA), Rep. Shontel Brown (D-OH), Rep. Robert Garcia (D-NC), and Rep. Valerie Foushee (D-NC), all of whom won re-election.
Bankman-Fried also contributed $1 million to the Senate Majority PAC, which supports Democratic candidates for the Senate, and $6 million to the House Majority PAC. During the 2020 election cycle, he was the second-largest donor to the Biden campaign.
Bankman-Fried directly supported a number of individual candidates as well. Two such candidates, Rep. Kevin Hern (R-OK) and Rep. Jesus “Chuy” Garcia (D-IL) donated their respective $5,000 and $2,900 contributions to charity after FTX filed for bankruptcy, according to a report from The Block.
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