Under new leadership, crypto exchange FTX is looking to recover political donations that were sent during Sam Bankman-Fried's leadership.
The defunct crypto exchange wants politicians and funds to return money sent to them by FTX before the platform filed for bankruptcy.
The company aims to recover all of its donations before the end of February 2023.
FTX wants their donations back
To help repay its creditors, FTX is on a mission to recover political donations. Sam Bankman-Fried donated millions of dollars in donations to various politicians and political funds.
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An FTX attorney says FTX has already managed to recover $5 billion from various sources. FTX’s total liabilities currently sit at $9 billion.
In a recent statement, FTX is demanding that donations be returned to them by February 28, 2023, voluntarily. If donations are not returned, further actions may be taken by FTX with power from the Bankruptcy Court.
From the recent statement:
FTX Debtors are sending confidential messages to political figures, political action funds, and other recipients of contributions or other payments that were made by or at the direction of the FTX Debtors, Samuel Bankman-Fried or other officers or principals of the FTX Debtors (collectively, the "FTX Contributors").
To the extent such payments are not returned voluntarily, the FTX Debtors reserve the right to commence actions before the Bankruptcy Court to require the return of such payments,
Sam Bankman-Fried donated $5.2 million to Joe Biden’s political rally in 2020. According to available court documents, the U.S. judicial system is investigating $93 million in donations sent between March 2020 – November 2022.