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Ukrainian government holds millions FTX cash

Ukrainian government, FTX, Sam Bankman-Fried, Crypto, Olesya Ilashchuk, Hunter Biden, Volodymyr Zelensky

International

Ukrainian government holds millions FTX cash

Ukrainian government is holding million of loot-cash of infamous Sam Bankman-Fried’s fraudulent crypto venture FTX. Although this news is suffocated by the Biden administration and Left-leaning corrupt corporate media cartel, this newspaper is exposing details on this matter for the first time. Meanwhile, it may be mentioned here that, Joe Biden is unable to refuse any request from President Volodymyr Zelensky as Ukraine is reportedly holding “disturbing video contents” of Hunter Biden, which are now being used as tools of blackmailing. Recently, Zelensky appointed Olesya Ilashchuk, a self-proclaimed hypnotist, sexologist and promoter of multi-level marketing Ponzi schemes as country’s ambassador to Bulgaria. According to media reports, prior to her appointment, Olesya Ilashchuk was selling libido medicines through online platforms. It is though unknown if Olesya Ilashchuk had met Hunter Biden, a credible source said, Zelensky introduced Hunter Biden to a number of Illaschuks before Joe Biden became president.

Meanwhile, according to media reports, the Ukrainian government mysteriously disappeared online records of its fundraising arrangement with the FTX crypto scam just days before the scandal erupted. The initiative claims to have raised US$60 million for Ukraine. The demise of FTX, the fifth-biggest cryptocurrency exchange by trade volume in 2022, and the second-largest by holdings, has sent a wave of chaos through global financial markets.

As the turbulence grows, the government of Ukraine is conducting an ongoing cleanup and whitewashing operation to rid any and all references to a high-level cryptocurrency fundraising arrangement it struck with FTX from the web. Eerily, it seems to have commenced just days before the scandal erupted.

Online records unearthed by The Grayzone claim tens of millions were raised by FTX for the Ukrainian government, and put to a variety of belligerent uses. But with the company now exposed as a Potemkin village lacking underlying assets, and major question marks hanging over whether its operations were from day one fraudulent top to bottom, where does that leave the supposedly successful donation scheme? Were those sums truly raised, and if so, to what purposes were they actually put?

FTX’s destruction resulted from a mass sell-off of the company’s native bitcoin token, FTT, by the rival exchange, Binance. Its value plummeted, prompting a three-day “run” on billions of dollars’ worth of cryptocurrency, which in turn created—or exposed—a “liquidity crisis” within FTX, as it did not have the available assets required to redeem client withdrawals. FTX filed for bankruptcy  on November 11, 2022.

FTX founder and top Democrat Party donor Sam Bankman-Fried now faces criminal investigations in the Bahamas, where the exchange was headquartered, and calls for official investigations into the largely unregulated cryptocurrency industry are reverberating across the globe.

The sudden death of FTX has been compared to the 2008 disintegration of Lehman Brothers that precipitated the financial crisis.

Massive customer holdings have apparently gone missing thanks to a secret “back door” in the FTX bookkeeping system that allowed Sam Bankman-Fried to make changes to the company’s financial records without any accountability. This connivance may have been used to hide at least US$10 billion in client funds Bankman-Fried transferred from exchange to another company he founded, digital asset trader Alameda Research.

While mainstream media pores over the details of Bankman-Fried’s gargantuan crypto scam, not one single major outlet has investigated or even acknowledged FTX’s relationship with the government of Ukraine.

Were client holdings unaccountably and illegally funneled into the West’s proxy war? Or did the supposed aid FTX sent to Kiev find its way into the hands of Ukrainian scammers, corrupt warlords and illicit actors?

The corporate media’s failure to explore these questions appears all the more perverse given Sam Bankman-Fried’s flamboyant promotion of his intimate financial relationship with the government of Ukrainian President Volodymyr Zelensky.

The partnership between FTX and the Ukrainian government was first publicized on March 14, 2022 when the leading cryptocurrency website CoinDesk announced Kiev had launched a dedicated webpage for cryptocurrency donations dubbed Aid for Ukraine.

Under its auspices, FTX pledged to “convert crypto contributions to Ukraine’s war effort into fiat for deposit” at the National Bank of Kiev, allowing the embattled government to “turn bitcoin into bullets, bandages and other war materiel.” CoinDesk stated the initiative “deepens an unprecedented tie-up between public and private sector forces in crypto”.

Oleksandr Bornyakov, an official at Ukraine’s Ministry of Digital Transformation, hinted to CoinDesk about an “upcoming NFT collection” auction to “give the next boost to the crypto fundraising process”.

In a press release accompanying the announcement of the FTX partnership with Ukraine, Sam Bankman-Fried explained that, “at the onset of the conflict in Ukraine, FTX felt the need to provide assistance in any way it could”. He promised that the arrangement provided “the ability to deliver aid and resources to the people who need it most”.

Sohail Choudhury is the Executive Editor of Blitz

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