Crypto giant FTX went bankrupt last year, the company losing billions of dollars overnight.
FTX owner Sam Bankman-Fried (SBF) was the second biggest donor to Democrats in the 2022 midterms.
In early January Sam Bankman-Fried pleaded not guilty to all 8 counts related to the collapse of his crypto Ponzi scheme. SBF pleaded not guilty in New York federal court Tuesday to eight charges related to the collapse of his former crypto exchange FTX and hedge fund Alameda Research.
SBF was indicted on eight counts, including charges of conspiracy to commit wire fraud and securities fraud, individual charges of securities fraud and wire fraud, money laundering and conspiracy to avoid campaign finance regulations.
In January the attorney for FTX testified in court that the co-founder of the crypto company used a secret backdoor to launder money to Alameda Research, a sister company. Caroline Ellison, SBF’d ex girlfriend and Alameda CEO admitted she and Sam Bankman-Fried conspired to mislead FTX investors and customers.
On Thursday federal prosecutors announced they would drop several charges against this major Democrat donor.
ABC reported:
Federal prosecutors in New York said they would drop several criminal charges, at least for now, against disgraced crypto executive Sam Bankman-Fried if the judge agrees to try him later on those charges.
The offer to sever five of the 13 charges followed a ruling earlier this week in the Bahamas that allows Bankman-Fried to challenge the additional charges.
A prosecutor said during a hearing Thursday it was uncertain when the Bahamas would decide whether to consent to the new charges, which included bank fraud and an allegation Bankman-Fried bribed the Chinese.
“Severing those counts seems to be appropriate given the developments in the Bahamas this week,” the prosecutor, Nathan Rehn, said.
Previously.
Democrats’ “Newest Megadonor” Loses Billions As Crypto Exchange Fails — “Dot-Com Bust Level Event”
The post Feds Quietly Drop 5 Charges Against SBF in Multi-Billion Dollar FTX Scam Including Allegation He Bribed Chinese – SBF Is the Democrat Party’s Second Largest Donor appeared first on The Gateway Pundit.