Where Did FTX's Funds Go? Sam Bankman Fried Reveals All

Sam Bankman- Fried's quant trading firm was able to use customer funds from his exchange FTX in a way that flew under the radar of investors, employees, and auditors. They did so by using billions from FTX users without their knowledge.

The crypto exchange drastically underestimated the amount FTX needed to keep on hand if someone wanted to cash out, Regulators require trading platforms to keep enough money on hand to match what customers deposit. They require the same, if not more, cushion if a user borrows money to make a trade. FTX did not have nearly enough stock.

During the 2022 midterm elections, Bankman-Fried made $40 million in political contributions, making him the second largest disclosed donor to Democratic causes.

He donated $6 million to the House Majority PAC, which is the main outside group that supports House Democrats. He also gave the Democratic Congressional Campaign Committee $250,000 and the Democratic Senatorial Campaign Committee $66,500.

The majority of his political contributions — $27 million — went to the "Protect Our Future PAC," which advocates for pandemic preparedness.

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