FTX trading assets and investments reportedly include an $8 million holding called “TRUMPLOSE,” FT says
As FTX’s house of cards comes crashing back down to earth, it’s now becoming apparent that Sam Bankman-Fried’s crypto exchange is nothing but a shell company launched to funnel and launder money to the Democratic Party and also ensure that Democratic Party’s opponents “LOSE’ elections.
While the news of FTX founder Sam Bankman-Fried’s donation to the Democratic Party was making rounds on the internet, the Financial Times is out with a bombshell report that Sam Bankman-Fried invested millions of dollars investment to ensure that former President Trump loses in the upcoming elections.
According to a spreadsheet listing of FTX international’s assets and liabilities seen by the Financial Times, FTX Trading’s assets have a total of $900 million of “liquid” assets, $5.5 billion of “less liquid” assets consisting of crypto tokens, and $3.2bn of illiquid private equity investments. However, what no one was expecting to see from the FTX spreadsheet is an obscure $7 million holding called “TRUMPLOSE.”
FTX has an obscure $7 million holding called “TRUMPLOSE,” Financial Times reported, citing a spreadsheet seen by the publication.
“In all, the spreadsheet says FTX Trading’s assets were $900mn of “liquid” assets, $5.5bn of “less liquid” assets consisting of crypto tokens, and $3.2bn of illiquid private equity investments. There is also an obscure $7mn holding called “TRUMPLOSE”. There are no bitcoin assets listed, despite bitcoin liabilities of $1.4bn.”
Financial Times also reported that FTX made $5 billion of withdrawals last Sunday, and a negative $8 billion entry described as “hidden, poorly internally labeled ‘fiat@’ account.” Despite bitcoin liabilities of $1.4 billion, the report also found that FTX has no bitcoin assets.
— AnnaSky9 🌅🐳 (@anna_sky9) November 15, 2022
It’s an epic fall from grace. In just a matter of days, FTX founder and CEO Sam Bankman-Fried (also known as SBF) went from being a multi-billionaire with at least a $16 billion net worth to losing all of his wealth.
Until this week, Bankman-Fried has earned a reputation as a savior who bailed out struggling crypto companies. Today, Bankman-Fried is a bankrupt criminal who mismanaged billions of client funds. He now faces multiple criminal charges and his two deleted tweets that may land him in prison.
Once seen as the “Robin Hood of crypto,” Bankman-Fried used his personal wealth to donate to political causes that care more about his life goals. He was seen as the postal boy of the controversial form of philanthropy called “effective altruism.” It is the idea or a social and philosophical movement that advocates “using evidence and reason to figure out how to bring as much benefit to as many people as possible.”
So what went wrong with this seemingly successful 30-year-old MIT graduate who promised to make the world a better place?
It all started in 2020 when Bankman-Fried first came into the spotlight after he made the second-largest donation to then-Vice President Joe Biden’s presidential campaign. According to a report by The Wall Street Journal, Bankman-Fried donated a whopping $5.2 million to Joe Biden’s campaign, behind only former New York Mayor Michael Bloomberg who made a donation of $56 million.
Fast forward two years later. The embattled FTX founder also spent $40 million on the midterm elections, with the bulk of that money going to Democratic candidates, also making him the Democratic Party’s second-biggest donor. He once disclosed his support for bipartisan politicians was also in a bid to lure more crypto allies.
Bankman Fried is also behind the Protect Our Future PAC, which has raised more than $28 million this year. His mom, Barbara Fried, is a Stanford Law School professor and a co-founder of Mind the Gap, a pro-Democratic super PAC organization “known for its secretive operations, where it attempts to quickly gather donations over a short period of time to prevent Republicans from mobilizing their own donors in response,” the PAC said on its website.
Meanwhile in May before the FTX saga, Bankman Fried said he could spend $1 billion or more in races from now through the 2024 election before he later backed down. Bankman Fried made the statement on the Pushkin Industries podcast, “What’s Your Problem,” that he expected to give “north of $100 million” in the next presidential election and had a “soft ceiling” of $1 billion.