- The US government has chosen to drop campaign finance charges against Sam Bankman-Fried (SBF), founder of the now-defunct FTX crypto exchange.
- Despite this legal victory, SBF will still face seven charges related to defrauding users and creditors, with the trial set for October 2023.
In a riveting legal plot twist, Sam Bankman-Fried, the founder of the now-insolvent FTX crypto exchange, had a sigh of relief as US prosecutors elected to drop the campaign finance charges lodged against him. This decision places a renewed focus on SBF’s political contributions, particularly to the Democratic party.
SBF stole billions of customers money, has now had his campaign finance charged dropped, and is getting away with it.
Ross Ulbricht created a website and is still serving 2 life sentences in prison.
Injustice at its finest. pic.twitter.com/LFySLS0Zl1
— Bitcoin Magazine (@BitcoinMagazine) July 27, 2023
An Unexpected Reprieve
Once accused of both campaign finance infractions and fraud, Bankman-Fried found himself extradited from the Bahamas following the catastrophic downfall of FTX. However, the prosecution is now advocating for the dismissal of the campaign finance rule violation. This shift is underpinned by information from a Bahamian representative, suggesting that the local government did not envision Bankman-Fried committing campaign finance violations. Meanwhile, FTX’s bankruptcy attorney has requested the return of the funds donated.
This suspension of key campaign funding charges is seen as a triumph for SBF, who currently awaits trial under house arrest. His legal team has previously raised numerous concerns regarding the extradition process’s procedural shortcomings.
Of course they dropped the campaign finance charges against SBF. That may have implicated politicians and we can't have that 😏 pic.twitter.com/9PMhlNN0Q0
— Coin Bureau (@coinbureau) July 27, 2023
SBF is now set to face a trial in October 2023, with seven charges remaining, primarily revolving around allegations of defrauding FTX users and creditors.
Biden’s $93 Million Patron
Interestingly, SBF, alleged to have funded US politicians with the $93 million in stolen user funds, is known to have significantly contributed to Biden’s 2020 political campaign. His philanthropic pursuits extended to the 2022 midterm elections as well, with donations reaching around $36 million. However, White House press secretary Karine Jean-Pierre has refrained from commenting on President Biden’s potential links to the $5.2 million in campaign contributions.
While this latest development has been welcomed by SBF and his legal team, many have taken to Twitter to voice their discontent. Critics argue that the dropped charges illustrate an imbalance in justice, especially when contrasted against individuals such as Ross Ulbricht, the Silk Road creator, who is serving life imprisonment. Skepticism is rife, with many suggesting that SBF’s apparent legal victories indicate a bias in the legal system.