The Mysterious Cash Elevating by “Support to Ukraine”, the US Democratic Social gathering and the Suspicious Collapse of the FTX Crypto

by Felix Livshitz for Russia At present – All hyperlinks to Gospa Information articles have been…

by Felix Livshitz for Russia At present – All hyperlinks to Gospa Information articles have been added aftermath as a result of associated to the subjects coated

Breaking information all through the primary half of November has been dominated by protection of the sudden collapse of FTX, one of many world’s greatest cryptocurrency exchanges.

The crash has shaken the crypto market, misplaced institutional buyers billions – and particular person prospects thousands and thousands – led to official investigations of FTX in a number of nations, and made some query whether or not the Bitcoin sphere would possibly crash and burn outright, and maybe trigger wider issues for the monetary system.

Some take the view that FTX was a fraud all alongside, ever since its launch in April 2019. If that’s the case, it has grave implications for the US Democratic Social gathering and Ukrainian authorities, as the corporate’s corrupt exercise might have been used to fund each, overtly and secretly.

The place’s the cash, Zelensky?

On March 14, FTX launched a brand new on-line portal for cryptocurrency donations, Support for Ukraine, in partnership with Ukraine’s Ministry of Digital Transformation. By means of this, crypto merchants, each massive and small, may donate bitcoin and different cryptocurrencies, which FTX would convert into money for the Ukrainian Ministry of Protection to spend on weapons and different war-related bills.

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Very quickly, the fund claimed to have amassed “over” $60 million in donations. By April 14, it was reported that simply over $45.15 million of that sum had been splurged on digital rifle scopes, thermal imagers, monoculars, rations, armor, helmets, navy clothes, tactical backpacks, gas, communication units, laptops, drones, medical provides, and a “worldwide anti-war media marketing campaign.”

 

The identical data present an extra $10 million was spent over the subsequent three months – leaving round $5 million within the financial institution, so to talk. An Support for Ukraine social media publish on November 15 mentioned this sum was nonetheless held in reserve, and that $60 million remained of the full quantity of donations obtained via the portal so far.

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This appears very odd, notably provided that Ukraine was reported to have obtained $100 million in bitcoin donations, after which spent virtually all of it, between February 24 and March 11 alone, earlier than Support for Ukraine’s institution.  

Ukraine has taken in at least $100 million in crypto donations this year, but what have officials in Kiev done with the money?

Learn extra

Are we to consider that – over the course of seven months, from the time the $60 million determine was first publicized to right now – no additional funds in any respect have been donated via Support for Ukraine? Regardless of the complete crypto neighborhood having been ready to take action, and being actively inspired to take action that complete time?

Official investigations into FTX, and its founder and CEO Sam Bankman-Fried, have solely simply begun. Nevertheless, it appears clear already that he secretly and illegally moved billions saved within the FTX alternate to its sister firm Alameda Analysis, a quantitative buying and selling agency that he additionally runs.

Sam Bankman-Fried

The gaping black gap Bankman-Fried’s sleight-of-hand created meant that, when prospects sought to withdraw their cash from the alternate, FTX didn’t have the funds to maintain up with demand. It appears he was assisted on this underhand ploy by a “back-door” specifically created for him within the firm’s accounting, which meant sums could possibly be moved into and out of the alternate off the books, and with out auditors or FTX staff noticing.

A lot of the cash taken out of FTX by Bankman-Fried has disappeared utterly. The US Securities and Trade Fee and Commodity Futures Buying and selling Fee are notably taking a look at whether or not these stolen shopper deposits had been used to prop up Alameda in any means, which was reportedly struggling financially.

Support for Ukraine

There may be, as but, no signal although that these authorities are probing an apparent lead – Support for Ukraine. Was cash moved from FTX to Alameda, then channeled to Kiev to be spent on Western – primarily US – weapons, and certainly different actions that the federal government and its backers in Washington, London, and elsewhere in Europe and North America would favor to be saved hidden?

Conversely, cash raised past the preliminary $60 million whole may’ve been funneled out of Support for Ukraine by Bankman-Fried to counterpoint himself, or secretly spent for very completely different functions – resembling funding the US Democratic Social gathering’s election campaigns.

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The person behind

Bankman-Fried is a really well-connected determine certainly in US politics. Over the course of the 2020 presidential election cycle, he contributed $5.2 million to 2 tremendous PACs supporting Joe Biden’s marketing campaign, and was the general second-largest particular person donor to Biden that yr.

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Such extravagant spending seems trivial right now. In 2021/22, he offered tens of thousands and thousands to Democratic causes and candidates, changing into the social gathering’s second-largest donor, behind solely “spyless coup” specialist George Soros. 

Bankman-Fried has boasted of assembly policymakers in Washington “each two or three weeks for the final yr.” Over 2022, this has included a number of audiences with senior authorities officers and prime Biden advisers on the White Home. These conferences escalated in quantity across the time that the Ukraine battle started.

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On March 7, precisely one week earlier than Support for Ukraine was launched, his brother Gabe Bankman-Fried – who directs his political operations – visited the White Home together with Jenna Narayanan, a Democratic strategist who as soon as labored for the Democracy Alliance, which has been referred to as the “strongest liberal donor membership” within the US.

Bankman-Fried himself then visited the White Home on quite a few events in April and Could, concurrent with him donating $865,000 to the Democratic Nationwide Committee.

In early June, mere days after his final recorded White Home meet-and-greet, Bankman-Fried introduced he would make investments as much as $1 billion in additional funds between then and 2024 to ensure Biden – or whoever would possibly take his place – gained the subsequent presidential election.

These actions have been interpreted by many as an try by Bankman-Fried to ingratiate himself with politicians to additional his industrial pursuits. It’s definitely true that, on the identical time, he and FTX high-rankers had been making an attempt to affect US lawmakers on crypto regulation, to make the market extra favorable for his firm.

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On this context, the promised $1 billion seems to be a dangled carrot, an implied promise of future financing if Bankman-Fried received his means. Accompanying him on a few of these visits was Mark Wetjen, FTX head of coverage and regulatory technique, who beforehand served as commissioner on the Commodity Futures Buying and selling Fee underneath President Barack Obama – however just some. Had been the opposite conferences associated to Ukraine?

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If that’s the case, the $1 billion pledge might have mirrored what Bankman-Fried thought could possibly be secretly skimmed from Support for Ukraine for Democratic Social gathering functions. It’s conspicuous that in mid-October, he utterly disowned that giant dedication, saying, “That was a dumb quote. I believe my messaging was sloppy and inconsistent in some instances.”

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In repudiating his $1 billion promise, Bankman-Fried additionally quietly added that he would cease giving any cash in any respect to political causes. It was simply days later that it was introduced FTX was topic to investigation in Texas for allegedly promoting unregistered securities. Leap to a couple weeks later, and the corporate had filed for chapter.

Bankman-Fried clearly mentioned one thing he shouldn’t have again in June – whether or not he received carried away by all of the constructive press and high-level entry his political donations had been receiving and wrote a proverbial examine in public he couldn’t privately money, or his feedback drew undesirable consideration to how a lot cash was really flowing into Support for Ukraine, we don’t at the moment know. However the reality should out.

Initially revealed by Felix Livshitz for Russia At present

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