On Tuesday the Senate Majority PAC was reportedly forced to give back 3 million dollars which had previously been donated to it from the notorious alleged crypto-scam artist Sam Bankman-Fried and Nishad Singh.
The Senate Majority PAC, which spent $160 million on the most recent midterm elections, received donations of $1 million and $2 million from the two disgraced businessmen who, as chief executive officer and director of engineering for the bankrupt cryptocurrency company, they had been employed by.
As bankruptcy attorneys work to recover money on behalf of clients and investors, the Democratic National Committee, as well as the Democratic Senatorial Campaign Committee and the Democratic Congressional Campaign Committee, have now been forced to make similar pledges.
Bankman-Fried supplied millions of dollars to media organizations and in addition to his enormous political donations, which made him the second-largest donor to the campaign behind only President Joe Biden.
Bankman-parents, Fried’s Joseph Bankman and Barbara Fried, are Stanford Law School professors and prominent Democrats. Lawyers will look into the couple’s possible connections to fraud at their son’s bitcoin enterprise.
Users discovered that FTX and its sister business Alameda Research were connected last month, and that both were run by amateur executives, including Bankman-Fried, who worked from a lavish mansion in the Bahamas.
As a result, FTX ended up filing for bankruptcy, ruining the fortunes of thousands of people in the process.
Since the bankruptcy Bankman-Fried has now consented to be extradited to the United States after being detained by officials in the island country where his firm had their headquarters last week.