Big Money on Big Names: FTX's Celebrity Spending Spree
In a recent opinion piece, Bloomberg columnist Matt Levine delves into the extravagant spending habits of cryptocurrency exchange FTX, shedding light on the allure of celebrity endorsements and influential connections within the crypto industry.
According to Levine, FTX is perhaps the best example among companies in the crypto sector that have recognized the potential of associating with high-profile individuals to enhance their reputation and standing in the market.
Specifically, the opinion piece went into detail on some of the political affiliations of disgraced CEO Sam Bankman-Fried and FTX.
As has been widely reported, much of the funds that were donated by Bankman-Fried and FTX was given to left-leaning political groups and individuals associated with the US Democratic Party.
According to some people, including Twitter owner and Tesla CEO Elon Musk, Bankman-Fried could have donated as much as $1 billion to Democrats.
FTX’s new management has for a long time attempted to get back money that was donated, but Democratic politicians had as of February this year only given back around 3% of the donations that are publicly known.
As noted in Levine’s opinion piece, FTX as recently as last week filed a new lawsuit against a former aide of Hilary Clinton and the former aide's investment firm, K5 Global, to retrieve $700 million in funds.
The lawsuit, which Levine called “generally a fun read,” names K5 Global, Mount Olympus Capital, and SGN Albany Capital, as well as affiliated entities and K5 Global co-owners Michael Kives and Bryan Baum, as defendants.
It claims that Bankman-Fried was a "profligate patron" who sent millions to Kives, K5 Global, and Baum after he attended a social event hosted by Kives in 2022.
However, Levine
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