Not that long ago, Sam Bankman-Fried was on top of the world. Sporting a net worth of approximately $15.6 billion, Bankman-Fried was the CEO of FTX, a cryptocurrency exchange platform launched in 2019 that had accumulated more than a million consumers by 2022. At 30 years old, he was extremely successful — that is, until last week when he was exposed as a con artist.
After a Nov. 2 article from the digital currency news site Coindesk revealed that FTX and Bankman-Fried’s cryptocurrency trading firm Alameda Research had notable overlaps on their balance sheets that called into question FTX’s liquidity, users proceeded to withdraw $6 billion from the company, leading to its bankruptcy. As Gizmodo reported, Bankman-Fried has “admitted to funneling billions of dollars in customer funds to his own hedge fund,” which “upend[ed] the entire cryptocurrency sector.” Since his FTX’s collapse, Bankman-Fried has lost nearly all of his accumulated wealth.
While riding high as a crypto bro, Bankman-Fried utilized his fortunes to finance both left-wing causes and Democrat candidates. During the 2022 midterms, he was the second-largest donor to Democrat candidates, spending roughly $37 million throughout the election cycle. Among the beneficiaries of his mega-dollar donations were left-wing political action committees, such as Protect Our Future, and the Democratic National Committee.