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    Dems’ Second-Biggest Donor Bet It All on the Line – It Took Just Days for 94% to Vanish

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    His $40 million in contributions are credited with assisting Democrats to outperform expectations during this midterm election cycle, limiting Republican advances in the House and maintaining the Senate’s competitiveness.

    According to Bloomberg, he has already lost nearly all of his fortune—94 percent—and may have brought much of the global digital market down with him.

    According to Open Secrets, Sam Bankman-Fried, also known as SBF in the cryptocurrency community, was the second-largest Democratic fundraiser in the 2022 election cycle. (George Soros, a multibillionaire, was by far the biggest.) Various races were funded by $39,826,856 from Bankman-Fried.

    Reportedly, $235,200 of that sum went to Republicans, but even so, over $39.6 million went to politicians and groups on the opposing side of the political spectrum.

    However, whatever influence Bankman-Fried believed he had with Democratic policy-makers is probably gone today, along with more than 90% of his alleged $16 billion personal net worth.

    In the 2022 and 2024 election cycles, Bankman-Fried had originally stated that we will spend $1 billion, primarily on Democrats, but later admitted to Politico that “That was a dumb quote on my part.”

    He continued, “I think my messaging was sort of sloppy and inconsistent in some cases.”

    At the time, he made the case that spending during the primaries was a more effective approach to ensure that the candidates on the ballot supported his values. He believed that investing in general races wasn’t nearly as productive.

    In the middle of October, he told Politico, “I think primaries are more important,”.

    Given that FTX, the cryptocurrency exchange he started and for which he is best known, could not meet customer withdrawal requests and was obliged to stop honoring them, putting millions of dollars’ worth of customers’ cryptocurrency in limbo, his window for needle shifting may have now passed.

    Another cryptocurrency exchange, Binance, had made a bid to acquire FTX, but it withdrew at the last minute after reviewing Bankman-financial Fried’s records.

    More on this story via The Western Journal:

    “As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of FTX.com,” Binance said in tweet.

    Politico called the the situation “arguably the most devastating in the history of crypto,” saying that it came at just the wrong time for the industry — when lobbyists were starting to gain “traction” with legislators on both sides of the aisle who were trying to create new laws to bring some order to the industry.

    “There are folks who are going to feel burned by this whole episode,” Isaac Boltansky, director of policy research at the global financial services firm BTIG, told Politico. “This is a pretty big body blow for an industry that was just starting to get its legs under it.” CONTINUE READING…

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