{"id":2089340,"date":"2023-11-03T16:47:03","date_gmt":"2023-11-03T20:47:03","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/how-sam-bankman-fried-and-his-crypto-empire-used-dark-money-to-influence-u-s-elections\/"},"modified":"2023-11-03T16:51:32","modified_gmt":"2023-11-03T20:51:32","slug":"how-sam-bankman-fried-and-his-crypto-empire-used-dark-money-to-influence-u-s-elections","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/how-sam-bankman-fried-and-his-crypto-empire-used-dark-money-to-influence-u-s-elections\/","title":{"rendered":"Sam Bankman-Fried&#8217;s Crypto Empire Leveraged Dark Money for U.S. Election Influence"},"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\">22<\/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%2Fhow-sam-bankman-fried-and-his-crypto-empire-used-dark-money-to-influence-u-s-elections%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=2089340&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--><div class=\"article-content\">\n<h2>Election Interference at its \u200bWorst<\/h2>\n<p>Following a month-long trial, former FTX CEO Sam Bankman-Fried was\u2062 convicted in \u2063federal court on Thursday on seven counts related to defrauding investors of billions of dollars.<\/p>\n<p>Thursday\u2019s\u200b conviction came after it was <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=\"noreferrer noopener\">discovered<\/a> \u200b last November that FTX and\u2064 Bankman-Fried\u2019s cryptocurrency trading firm Alameda\u200b Research had notable\u2064 overlaps on their balance \u2063sheets. \u200bThis called into question FTX\u2019s liquidity, prompting users \u2064to \u200d <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=\"noreferrer noopener\">withdraw<\/a> $6 billion \u200cfrom\u2063 the company and leading to its bankruptcy. \u2063Bankman-Fried,\u2062 or SBF, ultimately <a href=\"https:\/\/gizmodo.com\/kevin-o-leary-bitcoin-ftx-ponzi-sam-bankman-fried-eth-1849788912\" target=\"_blank\" rel=\"noreferrer noopener\">admitted<\/a> to \u201cfunneling billions \u200cof dollars in customer funds to his own hedge fund,\u201d which \u201cupend[ed] the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/china-crypto-ban-triggers-crash-wiping-out-almost-1-trillion-in-cryptocurrency-market-cap\/\" title=\"China Crypto Ban Triggers Crash, Wiping Out Almost  Trillion In Cryptocurrency Market Cap\">entire cryptocurrency sector<\/a>.\u201d<\/p>\n<p>Federal prosecutors went on to <a href=\"https:\/\/www.cnn.com\/2022\/12\/13\/business\/sam-bankman-fried-charges\/index.html\" target=\"_blank\" rel=\"noreferrer noopener\">file\u2064 charges<\/a> the following month.<\/p>\n<p>According to <a href=\"https:\/\/www.cnbc.com\/2023\/11\/02\/sam-bankman-fried-found-guilty-on-all-seven-criminal-fraud-counts.html\" target=\"_blank\" rel=\"noreferrer noopener\">CNBC<\/a>, the 31-year-old was convicted on Thursday of \u201cwire \u2062fraud\u2063 and conspiracy to commit wire \u200bfraud against FTX customers\u2064 and against Alameda Research lenders, conspiracy to commit securities fraud and conspiracy to\u2063 commit commodities \u200cfraud against FTX investors, and conspiracy to commit\u2064 money \u2063laundering.\u201d SBF \u2014 who pled\u2064 not guilty to the charges \u2014 now faces up to more than 100 years in prison.<\/p>\n<p>The former CEO\u2019s time in federal court\u2062 may not be\u200c finished, \u2063however. According to \u200b <a href=\"https:\/\/www.nytimes.com\/2023\/11\/02\/technology\/sam-bankman-fried-fraud-trial-ftx.html#:~:text=A%20jury%20of%20nine%20women,31%2C%20is%20expected%20to%20appeal.\" target=\"_blank\" rel=\"noreferrer noopener\">The\u200c New York Times<\/a>,\u2063 SBF is facing\u200d a potential second trial regarding a separate batch of charges that include \u201ccampaign finance violations.\u201d A <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/democrat-mayor-who-triggered-entire-command-force-to-quit-sued-by-chief-she-fired\/\" title=\"Democrat Mayor Who Triggered Entire Command Force To Quit Sued By Chief She Fired\u00a0\">campaign finance charge<\/a> against the \u2063crypto guru was originally <a href=\"https:\/\/www.nytimes.com\/2023\/07\/27\/business\/sam-bankman-fried-campaign-finance-charge.html\" target=\"_blank\" rel=\"noreferrer noopener\">included<\/a> in federal prosecutors\u2019 first batch of indictments but was withdrawn following a dispute over extradition rules with the\u200c Bahamas, \u200cwhere FTX was headquartered.<\/p>\n<p>If \u2064approved, the second trial would take place sometime \u201cearly next year,\u201d according to the Times.<\/p>\n<hr class=\"wp-block-separator\">\n<h2>Election Interference at its \u200dWorst<\/h2>\n<p>It didn\u2019t take long after FTX\u2019s implosion for reporters to discover that SBF was\u2063 the second<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/thank-sam-bankman-fried-for-democrats-2022-ground-game\/\" title=\"Thank Sam Bankman-Fried For Democrats\u2019 2022\u00a0Ground Game\">-largest individual donor<\/a> to Democrats \u2064during the 2022 midterms,\u2063 with\u200b the former\u200b CEO having dumped <a href=\"https:\/\/thefederalist.com\/2022\/12\/01\/thank-sam-bankman-fried-for-democrats-2022-ground-game\/\" target=\"_blank\" rel=\"noreferrer noopener\">nearly $40 million<\/a> into\u2064 entities affiliated with Democrats throughout the cycle. But what has since come to light in the months that followed\u2062 is how SBF \u200dwas\u2063 just one facet of an orchestrated effort among \u200cFTX executives\u200c to interfere in U.S. elections.<\/p>\n<p>Throughout their <a href=\"https:\/\/www.reuters.com\/legal\/bankman-fried-used-customer-funds-100-mln-us-political-donations-prosecutors-say-2023-08-14\/\" target=\"_blank\" rel=\"noreferrer noopener\">investigation<\/a>, federal \u200cprosecutors discovered that SBF unlawfully <a href=\"https:\/\/www.reuters.com\/legal\/bankman-fried-used-customer-funds-100-mln-us-political-donations-prosecutors-say-2023-08-14\/\" target=\"_blank\" rel=\"noreferrer noopener\">stole<\/a> and used FTX \u200dcustomer funds to \u201cmake\u200d more than $100 million \u200din political campaign \u2064contributions before the 2022 U.S. midterm elections.\u201d Central to this scheme were\u2062 two members of FTX\u2019s \u201c<a href=\"https:\/\/www.coindesk.com\/layer2\/2022\/11\/22\/the-whos-who-of-the-ftx-inner-circle\/\" target=\"_blank\" rel=\"noreferrer noopener\">inner circle<\/a>\u201c: \u2062Nishad Singh and Ryan\u2064 Salame, both of whom acted as \u2062\u201cstraw donors\u201d\u2064 to donate money on SBF\u2019s behalf. The\u2062 ultimate goal, according\u2062 to a <a href=\"https:\/\/www.reuters.com\/legal\/bankman-fried-used-customer-funds-100-mln-us-political-donations-prosecutors-say-2023-08-14\/\" target=\"_blank\" rel=\"noreferrer noopener\">communique<\/a> authored by Salame, was \u200bto \u2062\u201c\u2018weed-out\u2019 anti-crypto Democratic\u2063 and Republican \u2063lawmakers.\u201d<\/p>\n<p><a href=\"https:\/\/www.fec.gov\/data\/receipts\/individual-contributions\/?contributor_name=Nishad+Singh\" target=\"_blank\" rel=\"noreferrer noopener\">Singh<\/a> and <a href=\"https:\/\/www.fec.gov\/data\/receipts\/individual-contributions\/?contributor_name=Ryan+Salame\" target=\"_blank\" rel=\"noreferrer noopener\">Salame\u2019s<\/a> FEC records show\u200b that both executives made \u200ddozens of big-dollar donations to various \u200bpolitical campaigns \u2063and PACs ahead of the 2022 elections. While Singh\u2019s donations were directed towards Democrat entities, Salame\u2019s were poured into\u2064 Republican ones. Documents released by prosecutors last month <a href=\"https:\/\/www.cnbc.com\/2023\/10\/20\/sam-bankman-fried-ftx-allies-donated-millions-in-dark-money.html#:~:text=Politics-,Sam%20Bankman%2DFried%2C%20FTX%20allies%20secretly%20poured%20%2450%20million%20into,dark%20money%27%20groups%2C%20evidence%20shows&#038;text=Former%20crypto%20king%20Sam%20Bankman,don%27t%20disclose%20their%20donors.\" target=\"_blank\" rel=\"noreferrer noopener\">reportedly<\/a> \u2063show that \u2063SBF and the two aforementioned executives gave $50 million \u200dof\u2064 the stolen FTX funds to \u201cdark money\u201d groups \u201cthat do not publicly disclose the names of donors\u201d \u2064in the lead-up to the\u2062 2022 election.<\/p>\n<p>Even more damning about FTX\u2019s electioneering operation\u2062 is that \u2062it appears to be a family affair. During his testimony in last month\u2019s trial, <a href=\"https:\/\/www.reuters.com\/legal\/bankman-fried-used-customer-funds-100-mln-us-political-donations-prosecutors-say-2023-08-14\/\" target=\"_blank\" rel=\"noreferrer noopener\">Singh<\/a> \u2014 who \u201cpleaded guilty to fraud and campaign finance violations\u201d earlier this year \u2014 detailed how members of SBF\u2019s family were instrumental in steering \u2062the flow\u2064 of political donations.<\/p>\n<p>In his role \u2064as a \u201cstraw man,\u201d Singh <a href=\"https:\/\/www.reuters.com\/legal\/sam-bankman-fried-needs-more-adderall-focus-trial-lawyers-say-2023-10-16\/\" target=\"_blank\" rel=\"noreferrer noopener\">permitted<\/a> <a href=\"https:\/\/www.influencewatch.org\/non-profit\/guarding-against-pandemics\/\" target=\"_blank\" rel=\"noreferrer noopener\">Guarding Against Pandemics<\/a>, a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/how-sam-bankman-fried-and-his-crypto-empire-used-dark-money-to-influence-u-s-elections\/\" title=\"Sam Bankman-Fried's Crypto Empire Leveraged Dark Money for U.S. Election Influence\">left-wing lobbying group run<\/a> by SBF\u2019s brother Gabriel, to make political donations using funds \u201coriginating from Alameda\u201d under his \u2062name. Singh furthermore\u200b admitted to being a member\u2063 of a Signal group chat that included SBF, Gabriel, and their \u201cpolitical \u200dadvisors,\u201d who would \u201cfrequently direct that a donation be made in Singh\u2019s name.\u201d<\/p>\n<p>Also involved in the political operation was Barbara Bankman-Fried, Sam and Gabriel\u2019s mother. Heavily involved in Democrat Party politics, Barbara is the founder of <a href=\"https:\/\/www.influencewatch.org\/political-party\/mind-the-gap\/\" target=\"_blank\" rel=\"noreferrer noopener\">Mind the Gap<\/a>, a left-wing super PAC that backs Democrat candidates \u200dand causes. Leading up to the 2020 election, the group issued\u200b a \u2064 <a href=\"https:\/\/capitalresearch.org\/app\/uploads\/Mind-The-Gap-Internal-memo.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">memo<\/a> informing leftist donors that \u201cthe most effective tactic\u201d to score \u201cadditional Democratic votes\u201d is to donate to nonprofit \u200dvoter registration groups that target\u2063 demographics favorable to\u2063 Democrats, such as racial minorities and college-educated women.<\/p>\n<p>Among the organizations recommended to donors \u200cincluded the <a href=\"https:\/\/www.influencewatch.org\/non-profit\/voter-participation-center\/\" target=\"_blank\" rel=\"noreferrer noopener\">Voter Participation Center<\/a>, the <a href=\"https:\/\/www.influencewatch.org\/non-profit\/center-for-voter-information\/\" target=\"_blank\" rel=\"noreferrer noopener\">Center for Voter Information<\/a>, and Everybody Votes (also known as the <a href=\"https:\/\/www.influencewatch.org\/non-profit\/voter-registration-project\/\" target=\"_blank\" rel=\"noreferrer noopener\">Voter Registration Project<\/a>), <a href=\"https:\/\/thefederalist.com\/2023\/03\/09\/report-democrats-are-weaponizing-nonprofits-to-run-partisan-voter-registration-drives\/\" target=\"_blank\" rel=\"noreferrer noopener\">all<\/a> of\u200b which were <a href=\"https:\/\/thefederalist.com\/2023\/08\/16\/meet-the-tax-exempt-charity-secretly-bankrolling-democrats-get-out-the-vote-operations\/\" target=\"_blank\" rel=\"noreferrer noopener\">founded<\/a> by Democrats. \u2064It\u2019s\u2062 worth mentioning that partisan nonprofit voter registration \u2064is \u200bexplicitly prohibited under <a href=\"https:\/\/www.irs.gov\/charities-non-profits\/charitable-organizations\/frequently-asked-questions-about-the-ban-on-political-campaign-intervention-by-501c3-organizations-get-out-the-vote-activities\" target=\"_blank\" rel=\"noreferrer noopener\">federal law<\/a>.<\/p>\n<p>Regarding\u2062 her involvement in FTX\u2019s political operation, Barbara \u200dsent a\u2064 communique to SBF and Singh in April 2021 in which she <a href=\"https:\/\/www.theringer.com\/tech\/2023\/10\/16\/23919236\/sam-bankman-fried-sbf-trial-caroline-ellison-testimony-ftx-cryptocurrency\" target=\"_blank\" rel=\"noreferrer noopener\">suggested<\/a> using the latter as a straw man to funnel $1 \u2064million into Mind the Gap.<\/p>\n<p>\u201cI\u2019m assuming that Nishad would be the better person to have his name on [the donation],\u201d\u2064 she wrote. \u201cWe\u2019d have a slight preference for that on\u200c our end, now that my connection to \u2063Sam \u200cis publicly known, because we don\u2019t want to create the \u2063impression that funding MTG is a family\u2063 affair.\u201d<\/p>\n<p><a href=\"https:\/\/www.fec.gov\/data\/receipts\/individual-contributions\/?committee_id=C00683649&#038;contributor_name=Nishad+Singh\" target=\"_blank\" rel=\"noreferrer noopener\">FEC records<\/a> \u200d show\u200b that Singh did,\u2062 in fact, make a $1 million donation to Mind the Gap in April 2021.<\/p>\n<p>Barbara\u200d also\u200b warned her son in an August 2022 \u2062email to avoid leaving behind evidence when dolling out \u200bpolitical donations, recommending that SBF \u201csubstitute someone else\u2019s name.\u201d<\/p>\n<p>\u201cI\u2019m skeptical how long\u2064 that will help,\u201d Barbara wrote. \u201cOne of these\u200c days soon, some reporter is going to think to look more \u200dclosely at FEC reports.\u201d<\/p>\n<hr class=\"wp-block-separator\">\n<\/div>\n<p> <\/p>\n<h2> What are the potential \u2062implications \u200dof FTX&#8217;s election interference \u2064on the integrity and fairness of our \u2062democratic \u200cprocess?<\/h2>\n<p><span>  Midterm elections.\u201d They allege that these funds were funneled through various entities and PACs to hide the true\u2064 source of \u2063the donations and avoid legal\u2064 scrutiny. This \u2063shocking \u200brevelation raises serious concerns about the integrity of our democratic process and the\u2063 influence of money\u2064 in politics.<\/p>\n<p>Election interference is\u2062 a threat that has\u200b gained \u200csignificant attention in recent years,\u200c with \u2064foreign actors\u200d and powerful\u200c interest\u2064 groups attempting to sway election\u2062 outcomes \u2062through various means. However, the case of FTX\u200d and its executives takes this interference to a new level. Not \u200donly did they illegally\u200c use customer funds to manipulate\u200d the political landscape,\u200d but they also sought to conceal \u2063their actions through complex\u2063 financial maneuvers.<\/p>\n<p>The ramifications of this election interference \u2064are\u200c significant. The integrity and fairness of our elections depend on the principle of\u2062 equal participation and a level playing field for\u200c all\u2063 candidates. When large sums \u200dof money are used \u2064to distort\u200c the \u2063democratic process, it undermines the \u2063voice of ordinary citizens \u200cand tilts \u200cthe balance in \u2064favor of those with\u2062 deep \u2063pockets. It \u2063erodes public \u200ctrust in our political system and threatens the very foundation of our democracy.<\/p>\n<p>Moreover, the \u2062involvement of a prominent cryptocurrency trading firm \u2063like FTX highlights the evolving nature \u200dof election interference. \u2062As financial technology continues to \u200cadvance, new avenues for manipulation and abuse\u200d emerge. This case \u2063serves as \u2062a \u200bstark reminder that our\u200d laws and regulations must keep\u2062 pace with these\u2062 advancements to ensure the integrity of our\u2063 elections.<\/p>\n<p>In light\u2064 of \u200bthese revelations, \u200dit is imperative \u2063that we take immediate action to address \u200bthis issue. \u2063First and foremost, those responsible for this egregious violation of\u2064 the law must be held \u200baccountable. The conviction of\u2062 Sam Bankman-Fried is a\u200d step in the right direction, but it is essential \u2062to thoroughly investigate and prosecute\u2063 all individuals involved in \u2064this scheme.<\/p>\n<p>Additionally, we must strengthen campaign finance regulations to prevent similar abuses in the \u200bfuture. \u200dTransparency and disclosure should be key\u2062 principles in our\u200d electoral system, \u2063ensuring that\u200d the true sources of political contributions are known and \u2062subject \u2064to scrutiny. Stricter enforcement \u200dmechanisms\u200c should be put in place to detect and penalize any\u2062 attempts to circumvent these\u2063 regulations.<\/p>\n<p>Finally, we must \u200dinvest in public\u2063 awareness and education initiatives to empower\u2064 citizens with knowledge about the\u200b dangers of election\u2064 interference and the importance of their\u200c voice in the democratic\u2062 process. By fostering a society that is\u2063 vigilant\u200d and informed, we can build a resilient democracy that cannot be easily manipulated by outside influences.<\/p>\n<p>The\u200c case of FTX and its executives \u2064demonstrates the urgent\u2063 need\u200c for comprehensive reforms to safeguard the integrity of our elections. We must not tolerate any form of interference \u200cthat undermines the fundamental principles of democracy. It is only \u2062through collective action and \u200da commitment to transparency, \u2063accountability, and civic engagement \u2063that we can protect and strengthen our democratic institutions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>question the integrity of Bankman-Fried&#8217;s operations. The trial concluded with his conviction on seven charges of defrauding investors, exposing his involvement in a multi-billion dollar scam. The discovery of significant overlaps between FTX and Alameda Research&#8217;s balance sheets in November last year raised doubts about their credibility.<\/p>\n","protected":false},"author":539,"featured_media":2089341,"comment_status":"open","ping_status":"closed","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":[546],"tags":[],"class_list":["post-2089340","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-federalist"],"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\/2089340","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\/539"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2089340"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2089340\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2089341"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2089340"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2089340"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2089340"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}