Bankrupt Crypto Billionaire Donated Heavily to Democrats

Sam Bankman-Fried, the eccentric young billionaire who recently saw his fortune vanish after a collapse in the cryptocurrency market, proved to be one of the biggest donors to Democrats in the 2022 midterm election cycle.

According to the New York Post, Bankman-Fried donated $40 million to the Democratic Party for various “get-out-the-vote” efforts and other suspicious election procedures, including ballot-harvesting campaigns. He had also previously donated $10 million to Joe Biden’s campaign in 2020.

In addition, Bankman-Fried’s mother, Barbara Fried, co-founded a far-left political action committee (PAC) called “Mind the Gap,” which raised an estimated $140 million for similar “get-out-the-vote” schemes in the midterms.

The 30-year-old Bankman-Fried made his fortune, once estimated at over $16 billion, through his cryptocurrency exchange company FTX, which is headquartered in the Bahamas. However, it was revealed earlier this month that another one of Bankman-Fried’s companies, Alameda Research, had a significant portion of its assets in FTT, the native token of FTX; this revelation led to a complete selloff of FTT holdings by rival exchange company Binance.

As a result, the value of FTT and FTX both completely collapsed, and Bankman-Fried’s wealth dropped by a staggering 94 percent in just one day. Between $1 billion and $2 billion worth of customer funds in FTX have also completely evaporated. Bankman-Fried, along with FTX’s co-founder Gary Wang, are now being held in custody by Bahamian authorities after they had been caught attempting to flee to Dubai.

Prior to his collapse, Bankman-Fried was heavily promoted by the mainstream media and received political support from Democrats, including a visit to the White House. Bankman-Fried was noted for his unusual appearance, demeanor, and behavior; he admitted to taking drugs often, only ate vegan food, and was allegedly involved in a polyamorous relationship with multiple coworkers, who all lived together in his penthouse in the Bahamas.

About Eric Lendrum

Eric Lendrum graduated from the University of California, Santa Barbara, where he was the Secretary of the College Republicans and the founding chairman of the school’s Young Americans for Freedom chapter. He has interned for Young America’s Foundation, the Heritage Foundation, and the White House, and has worked for numerous campaigns including the 2018 re-election of Congressman Devin Nunes (CA-22). He is currently a co-host of The Right Take podcast.

Photo: Getty Images

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