.SBF_FTX spent $40 million in the past two years on U.S. political donations that are now under scrutiny by the FTX_Official bankruptcy team and federal prosecutors.
” back home because, a spokeswoman said, he “believes these funds should be donated to a worthy cause, given the information that has come to light about FTX and its leaders.”
The company said it’s inviting any recipients of donations from FTX executives to return the money soon, according to the statement. If the money was stolen, it was never theirs to give. Several of the campaigns told CoinDesk that they’re in touch with the bankruptcy team or government authorities and are trying to determine how to give the money back.
Anthony Sabino, a bankruptcy expert and professor of law at St. John’s University, told CoinDesk that the courts will work out whether this cash is tied to fraud, though clawing it back to FTX creditors could take years. Victims of Bernie Madoff areAccording to Sabino, the game of hot potato that campaigns play by giving donations to charity is a"political move" that doesn’t magically absolve them from their responsibility to pay back the money.
Still others are simply confused. Several campaign managers who spoke to CoinDesk expressed frustration with the situation, saying they don’t know how to give the funds back. Emmer, who is co-chairman of the Congressional Blockchain Congress, has argued that the FTX collapse was a “failure of character,” not of crypto, but added that the industry will keep growing. “You do not get growth without taking risk,” he told a cryptocurrency industry crowd in Washington, D.C., the week after FTX went down.
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