196 Out of 535 Congresspeople Took Money from FTX, with Only a Few Saying They Will Give It Back

Per Yahoo Finance

Since word came out that 196 of 535 congresspeople took money from FTX, only a few have decided to announce that they will be returning the money. This comes after word broke out of Sam Bankman-Fried and senior executives' massive donations to campaign funds.

Under John Ray III, CEO of now-bankrupt FTX, whose job is to recover as many funds as possible, the crypto exchange warned about making payments or donations to third parties. The CEO facilitating the bankruptcy said that doing so would prevent recovery.

John Ray III: “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,”

The company highlighted that they are open to money returns from donation recipients in a bid to try to recover as many funds as possible. Campaigns that have received money from FTX told CoinDesk that they are coordinating with the bankruptcy team or government authorities on the next steps.

The campaigns are trying to figure out how they should return the money. For example, Rep. Rosa DeLauro's (D-Conn.) campaign manager Chris Carroll said the money should be set aside.

Carroll: “We have received guidance from the Department of Justice that dollars received from FTX executives should be set aside for when a victims' compensation fund is created in the future,”

Out of all the congresspeople who received donations from FTX, only five said that the money was returned successfully. This would help the bankrupt company try and secure additional funds from donations made by SBF and senior executives.

FTX recently announced that they recovered $5 billion in liquid assets and shortly after, SBF maintained that he did not steal funds. This is despite spending $40 million in nine months on hotels, food, and travel.

Recently, FTX engineering chief Nishad Singh was spotted trying to cooperate with the authorities. The potential information that the engineering chief could disclose could be related to FTX's campaign donations.

See flow at unusualwhales.com/flow.

Other News:

Resources:

Yahoo Finance

CoinDesk

tastytrade logo+
Get the best broker for options trading and earn Unusual Whales discounted! in cash with an eligible account deposit at tastytrade. Get an Unusual Whales bonus when you deposit $2000. Offer expires 3/31/25. Certain restrictions, terms and conditions apply.
Unusual Whales does not confirm the information's truthfulness or accuracy of the associated references, data, and cannot verify any of the information. Any content on this site or related pages are not intended to provide legal, tax, investment or insurance advice. Unusual Whales Inc. is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) or any state securities regulatory authority. Nothing on Unusual Whales should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Unusual Whales or any third party. Options, investing, trading is risky, and losses are more expected than profits. Please do own research before investing. Please only subscribe after reading our full terms and understanding options and the market, and the inherent risks of trading. It is highly recommended not to trade on this, or any, information from Unusual Whales. Markets are risky, and you will likely lose some or all of your capital. Please check our terms for full details.
Any content on this site or related pages are not intended to provide legal, tax, investment or insurance advice. Unusual Whales Inc. is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) or any state securities regulatory authority. Nothing on Unusual Whales should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Unusual Whales or any third party. Certain investment planning tools available on Unusual Whales may provide general investment education based on your input. You are solely responsible for determining whether any investment, investment strategy, security or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your legal or tax professional regarding your specific situation. See terms for more information.