Failed cryptocurrency exchange FTX was yet another Democratic money-laundering scheme, pundits claim. Its now-disgraced former CEO Sam Bankman-Fried (SBF) catapulted himself to the echelons of Big Finance after founding the company in 2019. He quickly became one of the youngest billionaires in the world — at least in reputation — and a darling of Democratic Party fundraisers.
Earlier this month, however, Bankman-Fried’s $16-billion net worth imploded overnight when FTX’s supposed $32-billion valuation evaporated. Its rival Binance, the largest cryptocurrency exchange by volume, had planned to buy FTX but instead uncovered a liquidity crisis in the company and its hedge fund, Alameda Research.