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The CEO of FTX, Sam Blankman-Fried, was the #2 donor to the [[Democrats]] in the [[2020 presidential election]] giving $39.8 million, second only to [[George Soros]], and said he intended to spend up to $1 billion in the [[2024 presidential election]].<ref>https://thepostmillennial.com/revealed-ceo-of-cratering-crypto-firm-ftx-is-dems-second-largest-donor-behind-soros</ref>
The CEO of FTX, Sam Blankman-Fried, was the #2 donor to the [[Democrats]] in the [[2020 presidential election]] giving $39.8 million, second only to [[George Soros]], and said he intended to spend up to $1 billion in the [[2024 presidential election]].<ref>https://thepostmillennial.com/revealed-ceo-of-cratering-crypto-firm-ftx-is-dems-second-largest-donor-behind-soros</ref>
FTX, a company valued at $32 billion, never had board meetings. Neither did most of the subsidiaries. FTX had no cash management system. Management had no idea how much cash was on hand at any given time, or even where all their cash was.
FTX, a company valued at $32 billion, never had board meetings. Neither did most of the subsidiaries. FTX had no cash management system. Management had no idea how much cash was on hand at any given time, or even where all their cash was. FTX didn't keep proper records of who they employed. Employees and contractors co-mingled throughout the different companies without proper documentation of how they spent their time. Employees submitted expense reimbursements over chat. A random manager would accept or reject those reimbursements with an EMOJI. Very few records were kept. Most decisions were made over chat, with the messages automatically deleted after a certain time.
Corporate funds were used to purchase personal use [[real estate]]. And employees & executives put their names on homes purchased with company funds.
Crypto deposited by customers weren't even recorded on the balance sheet. Presumably, all crypto assets just went into one central slush fund used for whatever.
Alameda Research (FTX's hedge fund) gave Sam Bankman-Fried a $1 billion personal loan. They also loaned Director of Engineering Nishad Singh $543 million.
==Ukraine aid/Midterm election scandal==
==Ukraine aid/Midterm election scandal==