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Arrest of Sam Bankman-Fried saves Democrats

FTX, Sam Bankman-Fried, FTX kingpin, Bankman-Fried
Photo courtesy: CNBC

International

Arrest of Sam Bankman-Fried saves Democrats

Hours before FTX kingpin Sam Bankman-Fried was support to appear before the Republican House members for questioning about his funding leaders of Democratic Party he was dramatically arrested by the Bahamas authorities. That means, Sam Bankman-Friend, the alleged crypto criminal and second biggest Democratic donor of the 2022 cycle, behind 92-year-old George Soros was able to evade questioning by the House Financial Services Committee. This arrest may now generate doubts in the minds of people as to whether it had occurred to somehow save Democrats from further humiliation and shocking revelation of bombshell information.

According to media reports, Sam Bankman-Fried and his fraudulent crypto venture FTX helped to bankroll President Joe Biden’s 2020 campaign and threw nearly US$40 million behind Democratic candidates in 2022. He also was giving money to media outlets in buying their opinion in favor of the Democratic Party and in some cases using them against Republicans, especially Donald Trump.


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Commenting on the arrest of Sam Bankman-Fried, analysts said: “We have a feeling that questioning from Republican lawmakers would’ve been embarrassing for the Democratic Party. His testimony under oath would also have, presumably, been a boon for prosecutors who decided to arrest him on Monday instead. The timing of his dramatic arrest is puzzling, while it is yet not confirmed if authorities in Bahamas would extradite him to the United States”.

It may be mentioned here that Sam Bankman-Fried was indicted by the Southern District of New York, which in the past few decades has served as the training ground for prominent political activists, including James Comey and Preet Bharara, and which is notorious for maintaining close ties to Washington. It is not hard to imagine that some behind-the-scenes negotiating saved SBF, and the Democrats, from an embarrassing and potentially self-incriminating performance.

‘Sam Bankman-Fried hasn’t shut his mouth since his company, FTX, went belly up, and putting him behind bars may have been the party’s only hope.


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Whatever the case, the FTX scandal, which the SDNY described as “one of the biggest financial frauds ever”, should invite a much broader investigation. In a country with federal rules about what constitutes an onion ring, where have financial regulators been as more and more Americans were encouraged by a credulous press and their allies in the Democratic, tech, and Hollywood elite to put their savings into risky cryptocurrencies? We don’t recall warnings from federal officials, former prosecutors, or investment professionals indicating that crypto businesses—indeed, the entire industry itself—might be fraudulent.

Securities and Exchange Commission chairman Gary Gensler was busy rubbing elbows with Sam Bankman-Fried and negotiating a regulatory scheme whose blueprint originated at FTX headquarters, while most of the country’s major law firms, investing services, media companies, and politicians were on the crypto payroll.

For the unsuspecting Americans sold the pile of fairy dust known as cryptocurrency—or SRM, or FTT, or LOL—the machinations that allow Bankman-Fried’s political allies to evade accountability are a final insult.


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Following the collapse of FTX crime venture, it is expected that the US authorities will not begin immediate investigation into the cases of few more crypto ventures, including Binance and Bitcoin while it is essential that the Federal Bureau of Investigation (SBF) as well as the US Securities Exchange Commission start investigations into several fraudulent crypto companies such as YEM Foundation (registered in Nevada), YEM coin, GreenZero Foundation, OnPassive (allegedly connected to Ron DeSantis) etcetera. People behind these fraudulent crypto ventures should be immediately banned from continuing their activities and scamming hundreds and thousands of people in the United Arab Emirate, Bahrain, Saudi Arabia, Kuwait, Qatar, India, Japan, South Korea, the Philippines, and most of the African nations.

Sohail Choudhury

Sohail Choudhury is the Executive Editor of Blitz

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