Tue Nov 15, 2022 – 7:36 pm EST
(LifeSiteNews) — A cryptocurrency company led by a major Democratic donor is going bankrupt and faces a Securities and Exchange Commission (SEC) and Department of Justice (DOJ) investigation.
FTX, run by Sam Bankman-Fried, told employees on the morning of November 8 that another company, Binance, would be coming in to buy it due to financial problems. Those were partially caused “after [FTX] was hit with roughly $5 billion worth of withdrawal requests on [November 6],” according to The Wall Street Journal.
That company pulled out on Wednesday “as a result of its due diligence on FTX and news reports about U.S. investigations into the company,” Reuters reported. The financial issues reportedly only effect the FTX company based in the Caribbean, not a related entity, FTX US Derivatives. The Securities Commission of the Bahamas also froze the company’s assets.
There is at least $1 billion of client funds left unaccounted for and some customers may never get their money back, according to Reuters and CNN. “FTX paused withdrawals, though FTX US withdrawals remained unaffected,” Coindesk reported November 11.
Bankman-Fried had poured tens of millions of dollars into Democratic candidates in
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