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Democrats' 'newest megadonor' plummets
on Election Day, forced to sell crypto
company to biggest rival

Original Article

Posted By: AltaD, 11/9/2022 4:17:39 PM

Sam Bankman-Fried, the CEO of crypto exchange FTX considered the Democrats’ "newest megadonor" ahead of the 2022 midterm elections, reportedly saw around $6 billion of withdrawals within 72 hours before Tuesday morning, forcing him to sell the company to its biggest rival on Election Day. Reuters reported that Changpeng Zhao, the leader of competitor Binance, said the company signed a nonbinding agreement on Tuesday to buy FTX's non-U.S. unit to help cover a "liquidity crunch" at the rival exchange. (Snip) According to the Washington, D.C.-based non-profit Open Secrets, Bankman-Fried’s total contributions this cycle amounted to $39,826,856. That included a whopping $36,793,956 given to Democratic candidates, with just $235,200 to Republicans.

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Reply 1 - Posted by: Dreadnought 11/9/2022 4:46:13 PM (No. 1329107)
Apparently, the sale collapsed earlier today after completion of due diligence. Didn't want to get anywhere near it.
7 people like this.

Reply 2 - Posted by: Dodge Boy 11/9/2022 5:19:38 PM (No. 1329131)
Problems like this couldn't happen to a nicer guy.
10 people like this.

Reply 3 - Posted by: Safari Man 11/9/2022 5:25:41 PM (No. 1329137)
As #1 mentions, Binance pulled out. Crypto market may be in a Death spiral. Here’s my chicken little take on this… this is just one piece of sky and we’re headed for a deep, dark depression with excessive misery. The totalitarian Dimocrats are going to put their foot on the accelerator. Personally, i am liquidating my portfolio to hang onto what little i have left.
5 people like this.

Reply 4 - Posted by: Hermoine 11/9/2022 5:26:23 PM (No. 1329138)
Yep, just posted about this on another thread. This guy built a house of cards...and he's a weird dude to boot. But, sadly, he managed to con a lot of people out of their money -- he is a nerdy snail oil salesman.
6 people like this.

Reply 5 - Posted by: Omen55 11/9/2022 5:55:33 PM (No. 1329159)
If you can't hold it or touch it. It's not really there.
4 people like this.

Reply 6 - Posted by: ragenrylie 11/9/2022 7:56:32 PM (No. 1329262)
Gonna give it another day or two and then I might swoop in and buy ... might have to sell my pick up to finalize the deal
1 person likes this.

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