Future

Millions

<ul class="wp-block-list">
 <li>The U.S. government is negotiating with PACs to recover $13.25M in donations from former FTX executives.</li>  
 <li>Political groups tied to Democrats received funds from FTX's Bankman-Fried and Singh, totaling $13.25M.</li>  
 <li>Former FTX exec Nishad Singh testified he made donations under Bankman-Fried's request, aiding the case.</li> 
</ul>  
<p>The U.S. government is in talks to recover $13.25 million in political contributions given by ex-FTX leaders. Judge Lewis Kaplan, presiding over the criminal case involving Sam Bankman-Fried and his comrades, granted the government's <a href="https://storage.courtlistener.com/recap/gov.uscourts.nysd.590940/gov.uscourts.nysd.590940.533.0.pdf" target="_blank" rel="noopener noreferrer nofollow">plea</a> for an extension. This extension allows discussions to continue until January 15.</p>  
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<h2 class="wp-block-heading" id="h-government-aims-to-recover-funds-from-pacs"><strong>Government Aims to Recover Funds from PACs</strong></h2>  
<p>The extension permits officials to negotiate with political action committees regarding the process to forfeit funds linked to Bankman-Fried and his co-conspirators. The filing identifies several PACs, including the Senate Majority PAC, Future Forward PAC, Future Forward USA Action, Emily’s List/Women Vote, and GMI PAC. These groups generally support Democratic candidates or liberal causes.</p>  
<h2 class="wp-block-heading" id="h-details-of-ftx-related-contributions"><strong>Details of FTX-Related Contributions</strong></h2>  
<p>OpenSecrets <a href="https://www.opensecrets.org/" target="_blank" rel="noopener noreferrer nofollow">data</a> shows that Bankman-Fried and Nishad Singh, former head of engineering at FTX, directed around $13.25 million in donations to these groups. Singh admitted he made these contributions at Bankman-Fried’s request and sometimes signed blank checks that were later used for donations.&nbsp;</p>  
<p>Singh’s <a href="https://cryptonewsland.com/us-prosecutors-urge-leniency-for-ex-ftx-executive/" target="_blank" rel="noopener noreferrer nofollow">cooperation</a> and testimony against Bankman-Fried resulted in a sentence of time served and three years of supervised release, allowing him to avoid prison.</p>  
<h2 class="wp-block-heading" id="h-breakdown-of-specific-donations"><strong>Breakdown of Specific Donations</strong></h2>  
<p>Records reveal that the <a href="https://www.futureforwardusa.org/" target="_blank" rel="noopener noreferrer nofollow">Future Forward PAC</a> received $1 million from Singh and $5 million from Bankman-Fried. The GMI PAC received $2 million. The Senate Majority PAC, which benefited from Democratic control of the Senate since January 2021, obtained $2 million from Singh and $1 million from Bankman-Fried. Additionally, Women Vote received $2.25 million from Singh. These donations total up to $13.25 million. The actual amount may be higher if contributions were made to other donors.</p>  
<p>Some PACs and politicians have returned funds connected to Bankman-Fried following the collapse of FTX. This ongoing negotiation signals a significant step in the government’s push to recover misused funds associated with the defunct cryptocurrency exchange.</p> 
<p>The post <a href="https://cryptonewsland.com/u-s-seeks-to-recover-millions-in-donations-from-former-ftx/" rel="noopener noreferrer nofollow">U.S. Seeks to Recover Millions in Donations From Former FTX Leaders</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

U.S. Seeks to Recover Millions in Donations From Former FTX Leaders

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