{"id":1738135,"date":"2022-11-14T12:47:57","date_gmt":"2022-11-14T17:47:57","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1738135"},"modified":"2022-11-14T12:48:01","modified_gmt":"2022-11-14T17:48:01","slug":"biden-ukraine-and-a-30-year-old-crypto-billionaire-how-the-implosion-of-ftx-connects-to-the-global-elite","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-ukraine-and-a-30-year-old-crypto-billionaire-how-the-implosion-of-ftx-connects-to-the-global-elite\/","title":{"rendered":"Biden, Ukraine, And A 30-Year-Old Crypto Billionaire: How The Implosion Of FTX Connects To The Global Elite"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">34<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-ukraine-and-a-30-year-old-crypto-billionaire-how-the-implosion-of-ftx-connects-to-the-global-elite%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1738135&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>When <a href=\"http:\/\/dailywire.com\/topic\/cryptocurrency\" target=\"_blank\" rel=\"noopener\">cryptocurrency<\/a> exchange platform FTX suddenly imploded last week, immediately erasing the fortune of 30-year-old founder Sam Bankman-Fried, the public soon noticed multiple strings between the company and the <a href=\"http:\/\/dailywire.com\/topic\/democratic-party\" target=\"_blank\" rel=\"noopener\">Democratic Party<\/a> that curiously run through <a href=\"http:\/\/dailywire.com\/topic\/ukraine\" target=\"_blank\" rel=\"noopener\">Ukraine<\/a>.<\/p>\n<p>FTX, which is headquartered in the Bahamas, was launched in 2019 and had accrued more than one million users by 2022. However, users suddenly demanded $6 billion in withdrawals after an <a href=\"https:\/\/www.coindesk.com\/business\/2022\/11\/02\/divisions-in-sam-bankman-frieds-crypto-empire-blur-on-his-trading-titan-alamedas-balance-sheet\/\" target=\"_blank\" rel=\"noopener\">article<\/a> published by CoinDesk revealed that the two arms of Bankman-Fried\u2019s cryptocurrency empire, FTX and Alamada Research, had a significant overlap on their balance sheets in the form of the cryptocurrency FTT, which FTX invented. Rival firm Binance, which had been planning to purchase FTX, announced that it would discharge all holdings in the coin and eventually reversed course on the acquisition, rendering the overnight success <a href=\"https:\/\/www.dailywire.com\/news\/30-year-old-billionaire-loses-entire-fortune-overnight-as-his-bahamas-based-cryptocurrency-empire-implodes\" target=\"_blank\" rel=\"noopener\">bankrupt<\/a>.<\/p>\n<p>Bankman-Fried went from maintaining a $15.6 billion net worth to having \u201cno material wealth\u201d equally as fast, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-11\/bankman-fried-s-effective-altruism-implodes-with-his-fortunes#:~:text=The%20Bloomberg%20Billionaires%20Index%2C%20which,to%20have%20no%20material%20wealth.\" target=\"_blank\" rel=\"noopener\">data<\/a> from the Bloomberg Billionaires Index. The entrepreneur resigned on Friday as his company filed for bankruptcy.<\/p>\n<p>The young mogul, however, comes from an extraordinarily well-connected family. His father, Joseph Bankman, is a tax scholar who <a href=\"https:\/\/law.stanford.edu\/directory\/joseph-bankman\/\" target=\"_blank\" rel=\"noopener\">teaches<\/a> at Stanford Law, while his mother, Barbara Fried, is a <a href=\"https:\/\/law.stanford.edu\/directory\/barbara-fried\/\" target=\"_blank\" rel=\"noopener\">fellow<\/a> Stanford Law professor who also leads Mind the Gap. This left-wing political action committee <a href=\"https:\/\/www.influencewatch.org\/political-party\/mind-the-gap\/\" target=\"_blank\" rel=\"noopener\">raises<\/a> funds for the Democratic Party from Silicon Valley donors.<\/p>\n<p>Linda Fried, the aunt of Bankman-Fried, is the dean of Columbia University\u2019s Mailman School of Public Health and a <a href=\"https:\/\/www.weforum.org\/people\/linda-p-fried\" target=\"_blank\" rel=\"noopener\">co-chair<\/a> of the World Economic Forum\u2019s Global Future Council on the Future of Human Enhancement. The controversial organization once <a href=\"https:\/\/archive.ph\/RM0zj#selection-291.45-291.304\" target=\"_blank\" rel=\"noopener\">promoted<\/a> FTX, although the webpage linking to the company was <a href=\"https:\/\/www.weforum.org\/organizations\/ftx\" target=\"_blank\" rel=\"noopener\">scrubbed<\/a> after its bankruptcy.<\/p>\n<p>Bankman-Fried himself emerged as a major donor to President Joe Biden\u2019s campaign during the 2020 election cycle. The self-proclaimed \u201ceffective altruist\u201d more recently donated nearly $39 million to support Democrats in the midterms, which occurred days before his company imploded, according to <a href=\"https:\/\/www.opensecrets.org\/outside-spending\/top_donors\/2022?disp=D&#038;type=V&#038;superonly=N\" target=\"_blank\" rel=\"noopener\">data<\/a> from Open Secrets. He had been <a href=\"https:\/\/www.dailywire.com\/news\/billionaire-ftx-founder-who-lost-entire-fortune-gave-massive-sum-to-democrats-before-empire-collapsed\" target=\"_blank\" rel=\"noopener\">preparing<\/a> to spend as much as $1 billion during the 2024 election cycle to keep Democrats in the White House.<\/p>\n<p>Earlier this year, Bankman-Fried launched an initiative alongside Ukraine\u2019s Ministry of Digital Transformation to fundraise for the embattled nation, which has received billions in humanitarian and military <a href=\"https:\/\/www.dailywire.com\/news\/biden-admin-sending-5-5-billion-more-in-aid-to-ukraine\" target=\"_blank\" rel=\"noopener\">aid<\/a> from the Biden administration, marking \u201cthe first instance of a cryptocurrency exchange providing a conduit for crypto donations to a public financial institution,\u201d according to a <a href=\"https:\/\/www.prnewswire.com\/news-releases\/ukraines-ministry-of-digital-transformation-ftx-and-everstake-launch-crypto-fundraising-site-aid-for-ukraine-301501959.html\" target=\"_blank\" rel=\"noopener\">press release<\/a> from a Ukrainian-based crypto firm. FTX converted the donations into fiat currencies and transmitted the funds to the National Bank of Ukraine.<\/p>\n<p>\u201cAt the onset of the conflict in Ukraine, FTX felt the need to provide assistance in any way it could,\u201d Bankman-Fried said in a statement at the time. \u201cBy working with the Ministry of Digital Transformation to set up payment rails and facilitate the conversion of crypto donations into fiat currency, we have given the National Bank of Ukraine the ability to deliver aid and resources to the people who need it most.\u201d<\/p>\n<p>Hours after the company filed for bankruptcy, FTX General Counsel Ryne Miller <a href=\"https:\/\/twitter.com\/_Ryne_Miller\/status\/1591281729125613570\" target=\"_blank\" rel=\"noopener\">said<\/a> that executives were \u201cinvestigating abnormalities with wallet movements.\u201d The company <a href=\"https:\/\/twitter.com\/_Ryne_Miller\/status\/1591326796305530880\" target=\"_blank\" rel=\"noopener\">initiated<\/a> \u201cprecautionary steps to move all digital assets to cold storage\u201d as risk management firm Elliptic <a href=\"https:\/\/hub.elliptic.co\/analysis\/477-million-moved-out-of-ftx-in-suspected-theft\/\" target=\"_blank\" rel=\"noopener\">reported<\/a> that as much as $477 million was missing from FTX in a suspected hack.<\/p>\n<p>The implosion of FTX has garnered the attention of federal lawmakers and regulators. White House Press Secretary Karine Jean-Pierre <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/press-briefings\/2022\/11\/10\/press-briefing-by-press-secretary-karine-jean-pierre-and-national-security-advisor-jake-sullivan-november-10-2022\/\" target=\"_blank\" rel=\"noopener\">remarked<\/a> last week that the Biden administration believes cryptocurrencies risk \u201charming everyday Americans\u201d without \u201cproper oversight.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>When cryptocurrency exchange platform FTX suddenly imploded last week, 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, which is headquartered in the Bahamas, was launched in 2019 and had accrued more than one million users &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1738138,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[],"class_list":["post-1738135","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1738135","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1738135"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1738135\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1738138"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1738135"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1738135"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1738135"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}