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FTX’s link to Ukraine war and Democratic campaign funds disputed by mainstream media, but questions remain

FTX was the third largest cryptocurrency exchange in the world until its collapse on November 11. Various online allegations have been made that Ukraine has invested in crypto-scam company FTX, whose CEO Sam Bankman-Fried has spent tens of millions of what appears to be skim funds to support Democratic candidates and their like-minded political action committees during the 2022 election cycle.

Some of Bankman-Fried’s money went to Sen. Lisa Murkowski’s campaign and the Alaska Democratic Party, and some was funneled into the effort to elect dozens of Democratic candidates across the country. country, including MP Mary Peltola through the House Majority PAC.

Bankman-Fried’s biggest campaign expense was $27 million for a Democratic political action committee called Protect Our Future.

Now a group of House Republicans are asking Secretary of State Antony Blinken to come clean on whether that money was laundered through Ukraine and whether US taxpayer aid sent to Ukraine was then channeled into investments in the now bankrupt FTX. If so, it could mean that taxpayer funds have been reshuffled to finally support Democrats running for office this year. Bankman-Fried spent nearly $40 million in the 2022 midterms, money that was taken from its cryptocurrency subsidiaries before declaring FTX bankrupt.

The Associated Press and Time magazine assure readers that no such evidence exists that US aid dollars were invested in FTX. But there have been major investments in the cryptocurrency world in the war between Ukraine and Russia, and there is evidence that the money has gone at least one way. What has not been proven is whether Ukraine then invested in FTX as some sort of counterparty.

The Associated Press wrote that the claim that US aid to Ukraine was returned to the Democratic Party through FTX is false.

“The Ukrainian government has not invested or stored money in FTX, according to the country’s Ministry of Digital Transformation. These claims misrepresent a short-term initiative in Ukraine that used FTX to convert cryptocurrency donations for the war effort in government-issued currency. While former FTX CEO Sam Bankman-Fried donated large sums to Democrats, records show that he and other FTX executives also donated donations to conservative groups,” the Associated Press wrote Thursday.

The amounts donated to conservative groups by Bankman-Fried are minor and include the campaigns of Senator Lisa Murkowski, Susan Collins and Mitt Romney — not senators some would consider conservative.

Read it Associated Press‘ full report on the subject at this link.

But news agencies and fact-checking websites only dispute claims based on the word of Ukrainian government officials.

Transparency International Corruption Perceptions Index 2021 places Russia at the top of the list, as the most corrupt country in Europe, followed by Ukraine. Ukraine is ranked 122nd out of 180 countries for corruption. The fact that its officials are the basis of a “fake” allegation may not be enough for many Americans.

There is an absolutely established connection between FTX and the war in Ukraine. This is a Ukrainian website called Aid For Ukraine.

In March 2021, Aid For Ukraine was launched to raise funds from the crypto community to benefit “Ukraine’s military and humanitarian needs”. The initiative is powered by the Ukrainian Government’s Ministry of Digital Transformation, FTX and Everstake, the blockchain industry’s largest decentralized staking provider. This is the first example of a cryptocurrency exchange providing a conduit for crypto donations to a public financial institution, the announcement noted.

Must Read Alaska does not link websites related to this scandal due to the possibility of bad actors. The link here goes to PRNewswire announcement of the aid project for Ukraine. The link to the actual Aid to Ukraine website refers to a Ukrainian government website:

The link to Aid for Ukraine (there are other sites with the same name but with a slightly different URL top-level domain) leads to a Ukrainian government website. The project was launched with FTX, Digital Transformation of Ukraine, and Everstake, a digital ledger company.

fox business The outlet reported on Friday that it had acquired the letter written by several Republican House representatives to US Secretary of State Blinken regarding their concerns that some of the $66 billion in US aid sent to the Ukraine was redirected to the Democratic Party via FTX.

The letter was signed by Representatives Troy Nehls and Louie Gohmert of Texas, Representative Byron Donalds of Florida and Representative Mary Miller of Illinois, according to Fox. The letter is not published online, but the representatives said “it has come to their attention that billions of taxpayer dollars sent to Ukraine to help them in their war efforts have potentially been invested in an exchange cryptographer who then made massive donations to Democrats” in the past. mid-term elections, according to Fox.

FTX collapsed when investors discovered it was a Potemkin village which was completely fraudulent and was exposed as not having enough assets to redeem customer withdrawals, which created a three-day “run” on the cryptocurrency exchange, leading to FTX filing for bankruptcy on Nov. 11.

FTX founder and Democratic Party No. 2 donor Bankman-Fried now faces criminal investigations in the Bahamas, where the exchange was headquartered and where he is locked up.

RIP, FTX: Democratic Ponzi scheme whose founder swindled billions and gave millions to left-wing candidates like Peltola