In an interview on “America’s Newsroom” on Tuesday, Fox Business’ Charles Payne took aim at FTX billionaire Sam Bankman-Fried’s connections to Democrats.
The Daily Caller writes, In the midterm elections, Fried was the second biggest donor to Democratic candidates and spent millions on them before the money was available.
Bankman-Fried donated to candidates including Kristen Gillibrand of New York, Dick Durbin of Illinois, Tina Smith of Minnesota and Bob Menendez of New Jersey.
Last Friday, the value of the combined assets of Bankman-Fried’s assets dropped from $16 billion to $0 following the collapse of his business. The estimation follows a liquidity crisis at crypto exchange FTX, which Bankman-Fried co-founded and retains a 70% stake in.
The U.S. arm of FTX is now valued at just $1, down from a peak of $8 billion in January, on top of the historic collapse in Bankman-Fried’s personal wealth.
Crypto billionaire Sam Bankman-Fried’s ties to the Democratic party have come under scrutiny after the dramatic fall of his business last week. Fried basically used his cryptocurrency fortune to “buy” the election with the millions he donated to Democrats in the midterms. Fried has been a major fundraiser for the party, but his connections have come under fire as his business empire crumbles, with the value of Fried’s assets plummeting after his cryptocurrency exchange collapsed. The loss is a major blow to Fried’s political ambitions and could damage the Democratic party’s standing with voters.