FTX Debtors Retrieve $14.5M of Political Donations

FTX, the cryptocurrency exchange undergoing bankruptcy proceedings, and its affiliated debtors have successfully recovered $14.5 million linked to political donations. The recovered funds come from donations made during Sam Bankman-Fried's tenure as CEO, as revealed in a court filing on December 10. Notable returns include $6 million from the House Majority PAC and $3 million from the Senate Majority PAC. Other organizations, such as Forward Action Fund, Mind the Gap, and People for the American Way, each returned over $1 million. Additionally, smaller contributions were recovered from 22 other groups. U.S. courts ordered that the funds be returned after FTX's 2022 collapse led to estimated customer losses of $8 billion and investor losses of $1.7 billion. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io