FTX CEO Bankman-Fried Accused of Using Stolen Funds for Political Donations

Sam Bankman-Fried, the founder of FTX cryptocurrency exchange, allegedly used over $100 million in stolen customer funds to make political campaign contributions before the 2022 U.S. midterm elections, according to federal prosecutors. The amended indictment accuses Bankman-Fried of directing FTX executives to evade contribution limits and conceal the source of the money. The funds were allegedly used to lobby Congress and regulatory agencies for favorable legislation and regulations. Bankman-Fried faces charges of conspiracy and fraud related to FTX's collapse, but the indictment no longer includes a separate count for violating campaign finance laws. He has pleaded not guilty to stealing customer funds.