Democratic Party committees to return $1,000,000 received from FTX

Representatives of three organizations that are part of the US Democratic Party have announced that they will return $1,000,000 that was received from the American cryptocurrency exchange FTX. All funds previously transferred by Sam Bankman-Freed will go to the accounts of affected clients.

Given that FTX held billions of dollars before the crash, $1,000,000 is a drop in the bucket, but some customers may still receive some kind of compensation. The cashback was reported by the Democratic National Committee (DNC), the Democratic Senatorial Campaign Committee (DSCC), and the Democratic Congressional Campaign Committee (DCCC).

The Democratic National Committee made the following comment:

Given allegations of possible campaign finance violations by FTX Founder Sam Bankman-Fried, we are disbursing funds to recover $815,000 of contributions received since 2020. Once the action plan is agreed upon, we will refund the funds promptly.

The Democratic Senatorial Campaign Committee and the Democratic Congressional Campaign Committee will in turn return $103,000 and $250,000, respectively.

According to Bankman-Fried, his donations were made to many Democratic parties, and the total contribution exceeded the $40,000,000 mark. Later, he said that he supported with such amounts not only the US Democratic parties, but also the Republican ones.

It is also known that the White House also received a $5,200,000 donation from the ex-head of FTX. When officials received questions about the fate of the funds, they refused to answer. They said they could ask the Democratic National Committee about what happened to the money they received.