When cryptocurrency exchange platform FTX suddenly imploded, immediately erasing the fortune of 30-year-old founder Sam Bankman-Fried, the public soon noticed multiple strings between the company and the Democratic Party that curiously run through Ukraine.
FTX was a major cryptocurrency exchange which basically operates as a bank and trading platform for people who hold various different cryptocurrencies.
Bankman-Fried resigned on 11 November as his company filed for bankruptcy. Tens of thousands of people who invested their savings on various FTX exchanges have likely been wiped out. FTX, Alameda Research and 132 other related entities have declared bankruptcy. FTX employees have quit en masse and, according to reports, Bankman-Fried is “under supervision” by Bahamian authorities after hiding out at FTX headquarters in the Bahamas with his father.
The corporate media version of news regarding the FTX collapse is simply that the outfit went bankrupt because of the fall of Bitcoin and other cryptocurrencies and also because key players behind FTX had their hands in the till, funnelling client funds off to sister company Alameda Research.
According to those who are digging a little deeper, the claim is: Biden donated cash to Ukraine which bought crypto money through FTX. FTX gave the crypto money to the democratic party. Biden then used the money for election campaigns.
However, this is a developing story and new revelations are coming out daily – the scandal may be far bigger than political donations. In this article we’re not attempting to come to any conclusions, we’ve simply gathered the information, so far, that seems relevant.
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The New York Post reported that FTX’s implosion followed revelations that Bankman-Fried had been funnelling money to a sister trading company run by his girlfriend, Alameda Research.
This whole thing started on 2 November when CoinDesk reported that Alameda held a remarkable number of FTT tokens on its balance sheet. FTT is the token (crypto) issued by FTX. In an article published a week later, CoinDesk summarised what happened next so we won’t go into details, you can read their article HERE.
Both Alameda and FTX are based in the Bahamas. There was an obvious conflict of interest questions regarding the close relationship between FTX and Alameda. Being operated from the Bahamas raised questions among those who are seasoned financial market observers whether the two were truly arm’s length from each other, wrote Armstrong Economics. However, people were so pumped up on adrenalin with crypto being the end of the dollar and central banks that this new free-wheeling crypto world believed what they wanted to believe and never looked too closely.
When Changpeng Zhao the founder of Binance, the world’s largest crypto exchange, openly questioned the soundness of the FTX/Alameda nexus on Twitter saying he would sell over $500 million worth of FTX’s token FTT, that was the kiss of death.
Bankman-Fried had moved around $10 billion from FTX to Alameda through a “backdoor,” without triggering alerts to staff and external auditors. The “backdoor” was established using bespoke software, granting Bankman-Fried the ability to execute commands enabling him to alter company financial records without notifying anyone.
Now it has been discovered that between $1 billion to $2 billion of customers’ money has gone missing and US bankruptcy filings state the group could have more than 1 million creditors.
Crypto for Ukraine
Putin invaded Ukraine on 24 February. The Washington Post reported on 3 March that Ukraine was dealing in crypto: “The Ukrainian government has gathered more than $42 million in cryptocurrency donations since Saturday [26 February], plus digital artwork including a limited edition worth roughly $200,000.”
The Washington Post also noted that Bankman-Fried had come forward to help on a crypto donation project. “He humbly announced that FTX will be supporting the Ukrainian Ministry of Finance and other communities in collecting crypto donations for the country.”
According to CoinDesk, Alex Bornyakov Ukraine’s deputy minister of Digital Transformation announced that by 9 March Ukraine had received “close to $100 million” in crypto donations.
On 14 March, Ukraine’s Ministry of Digital Transformation launched a crypto donations website, ‘Aid for Ukraine’, which had the backing of crypto exchange FTX, Everstake and Ukraine’s Kuna exchange. FTX would convert the crypto donations into fiat currencies and transmit the funds to the National Bank of Ukraine. By mid-May, over $135 million in crypto had been raised by Ukrainian funds.
The video below demonstrates how easily money is deposited, withdrawn and transferred on FTX’s exchange.
With FTX announcing insolvency, all of Ukraine’s donated funds are gone, Crypto Hub wrote. “Analysts estimate that Ukraine lost more than $100 million with FTX’s bankruptcy.”
Curiously, on a spreadsheet listing FTX international’s assets and liabilities, seen by the Financial Times there is a “hidden, poorly internally labelled ‘[email protected]’ account,” with a balance of negative $8 billion. Bankman-Fried told the Financial Times the $8 billion related to funds “accidentally” extended to his trading firm, Alameda. The spreadsheet also references $5bn of withdrawals made on 6 November, four days before bankruptcy was filed.
Speaking to Hedgeye, Marc Cohodes said Silvergate Capital Corporation is the bank that allows all these transfers to happen. “They have roughly 40 billion dollars in deposits and they’re largely from these offshore entities … they transferred, last year, 1 trillion dollars between these offshore entities and customers … they do business with the worst of the worst.”
The clip in the tweet above is taken from an interview with Cohodes on 14 November 2022. Watch the full interview HERE, the clip above begins at timestamp 10:54.
FTX Donates to Charity
“Since the beginning of 2020, the exchange, its affiliates, and its employees have donated tens of millions of dollars to charitable causes,” Bankman-Fried wrote. “But as we’ve had more discussions around this topic, we’ve come to realise that something has been missing … That’s why we’ve started the FTX Foundation … as a start, we’re pledging to allocate 1% of FTX’s revenue from fees to the FTX Foundation.”
On 9 March 2022, five days before the Ukrainian government launched Aid for Ukraine, FTX Foundation was launched. PR Newswire reported in April that in partnership with Gisele Bündchen, FTX had committed to donating up to $1 billion to charitable causes this year through the Foundation. On Wednesday, CNN reported, an FTX investor sued Bankman-Fried as well as several celebrities who have endorsed the platform, including Gisele Bündchen. “The deceptive FTX platform maintained by the FTX entities was truly a house of cards,” the proposed class-action lawsuit states
Bankman-Fried hasn’t been very good with donating his billions away. In fact, it seems the most significant donations he made were political.
According to FTX Foundation’s website, it has three charitable arms: FTX Future Fund supports projects such as biosecurity and artificial intelligence safety; FTX Climate supports efforts to fight climate change; and, FTX Global Health & Welfare makes donations to alleviate poverty, suffering of animals in “factory farming” and future pandemics.
The FTX Future Fund claims to have committed over $160 million in grants but does not specify where these grants have gone. Ethereum World News reported that FTX Future Fund’s entire staff resigned on 11 November and according to their resignation letter, there are many grants the fund will be unable to honour.
FTX Global Health & Welfare’s “recent investments” include several companies developing next-generation coronavirus vaccines and it has recently funded, amongst others, the TOGETHER Trial which aims to “identify effective repurposed therapies” for Covid.
On 16 May, the Foundation proudly announced its financial support for the global expansion of the TOGETHER Trial on the same day that the trial investigators received the Trial of the Year Award from the Society for Clinical Trials. FTX committed £15 million in funding, with an initial $3.25 million grant. As Dr. Meryl Nass noted:
The TOGETHER Trial consortium additionally includes representatives from the World Health Organisation (WHO) Clinical Guidance Committee on Covid-19 Therapeutics. The TOGETHER Trial is also supported by funding from the Bill & Melinda Gates Foundation, FastGrants for Covid-19 Research, the Rainwater Charitable Foundation, and Unitaid.
Unitaid paid $40 million pounds to his university (Liverpool) and then a study on ivermectin by Prof. Andrew Hill was suddenly rewritten with different conclusions.
Donations to the Democrat Party
Linda Fried, the aunt of Bankman-Fried, is the dean of Columbia University’s Mailman School of Public Health and a co-chair of the World Economic Forum’s Global Future Council on the Future of Human Enhancement. The controversial organisation once promoted FTX, although the webpage linking to the company was scrubbed after its bankruptcy.
Bankman-Fried’s mother, Barbara Fried, is a fellow Stanford Law professor who also leads Mind the Gap, a left-wing political action committee that raises funds for the Democratic Party from Silicon Valley donors. Bankman-Fried himself was a major donor to President Joe Biden’s campaign during the 2020 election cycle.
In 2019, 13 days after Joe Biden announced his presidential campaign, Bankman-Fried launched FTX crypto exchange. In 2020, he performed a rough calculus and determined that his money could serve the greatest good with one simple function: to boot President Donald Trump from the White House.
According to The Post Millennial, Bankman-Fried made donations to the Democrats that totalled $39.8 million, making him the second biggest donor and just behind George Soros’ $128 million in donations for the 2021-22 cycle. However, reports vary as to how much was donated to Democrats. Ethereum World News reported that of the political donations over $36 million was to Democrats and $235,200 to Republicans.
The Daily Wire reported he had been preparing to spend as much as $1 billion during the 2024 election cycle to keep Democrats in the White House. In the spread sheet obtained by the Financial Times, there is an obscure $7 million holding called “TRUMPLOSE”. CoinDesk argues that “TRUMPLOSE” was part of FTX’s prediction market, betting on or against Trump or Biden in the 2020 elections. However, CoinDesk admits that it is strange it is still on the balance sheet.
Fox News’ Jesse Watters summed up how the Democratic Party was getting rich off FTX.
Read more: Biden, Ukraine, And A 30-Year-Old Crypto Billionaire: How the Implosion Of FTX Connects To The Global Elite, The Daily Wire, 14 November 2022
What many in the mainstream are missing, though, is Bankman-Fried’s attachments to the World Economic Foundation, various global elitists and his avid sermonising of the tenets of “effective altruism”, which are nearly identical to the tenets of Klaus Schwab’s Stakeholder Capitalism agenda.
FTX was a partner with Klaus Schwab’s World Economic Forum (WEF). Of course, the WEF has suddenly removed the page and is desperately trying to hide their involvement with FTX and Sam Bankman-Fried. Naturally, eliminating paper currency has been the goal of the WEF because they support the end of not just capitalism, but also democracy. Schwab’s push has been his Great Reset and to control society to impose his economic philosophy inspired by Marx and Lenin.
“FTX was a World Economic Forum partner. In light of last week’s events, their partnership was suspended and they were removed from the Partners section of our website,” a spokesman for the Geneva-based organisation headed by Klaus Schwab told the New York Post on Monday.
The WEF isn’t the only group that has egg on its face from its cheerleading for FTX and Bankman-Fried. For example, photographs circulated online over the weekend showing former President Bill Clinton sitting next to Bankman-Fried on stage – along with former British Prime Minister Tony Blair – at an event in the Bahamas this past April. The New York Post goes on to list several names that may need to answer for their dealings with Bankman-Fried.
Politicians are now regifting Bankman-Fried’s donations to distance themselves from the disgraced FTX founder. And lobbysts are racing to cut ties with FTX including Guarding Against Pandemics, the pandemic preparedness advocacy group started by Bankman-Fried’s brother Gabe and funded by Sam.
Featured image: Tony Blair, Bill Clinton and Sam Bankman-Fried on stage at the Crypto Bahamas conference, Forbes, 3 May 2022