WSJ: FTX Founder SBF's Family Deeply Involved in $100m Political Spending

IconCryptoNewsTerminal Staff05 Jul, 2024

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WSJ: FTX Founder SBF's Family Deeply Involved in $100m Political Spending

WSJ reported that FTX founder SBF's family was deeply involved in orchestrating $100 million in political spending. FTX insiders and people in SBF's circle, including his family, were closely involved with his political spending spree. FTX executives Ryan Salame and Nishad Singh have already pleaded guilty to fraud charges related to concealing the source of SBF's political donations. SBF's father is said to have provided tax advice when Ryan Salame withdrew tens of millions of dollars from Alameda Research, an FTX affiliate and cryptocurrency hedge fund, and SBF's younger brother, Gabriel Bankman-Fried, spearheaded much of the effort to spend the donations. SBF's mother was also confirmed to have emailed SBF asking him to sponsor a specific research initiative for her own benefit.

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