Per Yahoo Finance
196 Out of 535 Congresspeople Took Money from FTX, with Only a Few Saying They Will Give It Back
1/18/2023
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:
- SBF Maintains that He 'Didn't Steal Funds' Days After Lawyers Recovered at Least $5 Billion
- FTX's Nishad Singh Looks for Cooperation Deal with US Prosecutors Despite Not Yet Receiving Charges
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