According to a Dec.10 court decision, FTX’s debtors received $14.5 million through settlements of small claims, primarily via political donations. The following is a list of the most recent filings..
Six million dollars were recovered from the House Majority PAC, and three million dollars from the Senate Majority PAC. Other organizations, such as Forward Action Fund Mind the Gap and the People for the American Way contributed over $1 million each.
These efforts followed more than two years of bankruptcy proceedings, during which the estate demanded the return of funds linked to donations made under Sam Bankman-Fried‘s leadership.
Bankman-Fried, the exchange’s former CEO, heavily invested in lobbying and political contributions to gain influence in Washington. Some reports indicate that FTX executive donors donated nearly one third of Congress. Bankman-Fried personally gave at least 40 million dollars to political campaigns.
Bankman-Fried said that he supported Republicans equally, despite the fact that a large portion of his funding was given to Democrats. However, there are no records available which prove this.
After FTX’s collapse, many politicians sought to dissociate from the scandal, redirecting donations from the defunct exchange to charitable causes. Cameron Winklevoss of Gemini, co-founder with FTX’s founder, urged recently the incoming US Government to bring campaign finance charges.
The bankruptcy estate worked to retrieve funds that were distributed to venture projects and political entities in recent months. FTX is also stepping up its legal efforts to retrieve funds from other platforms.
The firm filed a lawsuit against Binance in November to recover $1.8billion. Numerous other lawsuits have been filed against Crypto.com and KuCoin as well as high profile individuals such former White House communications director Anthony Scaramucci.
These efforts reflect the bankrupt firm’s commitment to retrieving misallocated assets and are part of broader efforts to prepare for creditor reimbursements, set to begin in early 2025.
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