Home Community Insights FTX Wants Donations Made To U.S. Charities and Politicians Returned

FTX Wants Donations Made To U.S. Charities and Politicians Returned

FTX Wants Donations Made To U.S. Charities and Politicians Returned

Collapsed Crypto Exchange, FTX is reportedly sending secret mail to US Politicians and Charity organizations who benefited from its jumbo giveaways in the last years. This is coming after Sam Bankman- Fried’s troubled empire filed for Chapter 11 Bankruptcy in November following the implosion of FTX and Alameda Research which resulted in investors losing billions of dollars in Crypto assets. In October, FTX had reportedly given away over $140 million.

FTX “intends to commence actions before the bankruptcy court to require the return of such payments, with interest accruing from the date any action is commenced”, the company said, sharing an email address – [email protected] – that recipients could use to voluntarily return money. Recipients are cautioned that making a payment or donation to a third party (including a charity) in the amount of any payment received from a FTX contributor does not prevent the FTX debtors from seeking recovery from the recipient or any subsequent transferee,” FTX added in a statement.

FTX First clawbacks were fired, Voyager is not so promising as it is in Chapter 11 filings. But this is only a first step— next is to seek reimbursement of donations it made in the past to politicians and charities. If we take a glance at the transfer inflows which happened on 06-08 of November – [billions of dollars], we will see that most of the big transfers weren’t regular business transactions.

Some US Charity organizations and big Congress names before this notice have secretly sent back some proceeds of the donations back to FTX. See below all the members who have received donations from FTX and their current status on returning donations. The in-depth statistical report can be seen on the FEC website.

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FTX could navigate through this turbulent tunnel if it can sell off its non-core businesses (Venture, SERUM and other strategic crypto assets) and restructure the FTX, or better still sell FTX to a group of strategic investors.

Cryptocurrency funding in January 2023 is down 91% from $6 billion to $545 million, primarily due to the FTX collapse and Genesis bankruptcy.

Do you think the FTX collapse has shattered institutions’ confidence in crypto?

In a different twist, Google Cloud has reportedly invested $300 million into artificial intelligence (AI) startup firm Anthropic, which also received over $500 million in funds from former FTX CEO Sam Bankman-Fried.

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