United States Democrats are returning the $45.6 million they received from Sam Bankman-Fried (SBF) after his crypto empire FTX collapsed last month. Politicians are giving away part of the donated funds as gifts to separate themselves from the beleaguered company and its disgraced founder.

SBF’s Huge Donations to Democrats and Republicans

The former FTX chief, who became a media darling and crypto’s white knight after the sudden collapse of the Terra LUNA blockchain in May, also extended his benevolence to Democrats and Republican parties in the U.S.

While his donations to the Democratic party were made public, nothing was known about his contributions to Republicans until recently, after the fall of FTX.

According to a recent interview, SBF donated the same amount to the parties. However, his donations to Republicans were primarily dark and not publicly disclosed.

“All my Republican donations were dark. The reason was not for regulatory reasons, and it’s because reporters freak the fuck out if you donate to Republicans. They’re all super liberal, and I didn’t want to have that fight,” SBF told Tiffany Fong in the interview.

Due to his generous donation, Bankman-Fried emerged as the second largest donor to the Democratic party during the last election cycle after George Soros, who came first with a more than $128 million contribution.

U.S. Democrats Return SBF Donations to Charity

However, the once-upon-a-time big-time contributor has attracted criticism lately and has even been described as a big blow to the Democratic Party after the implosion of his empire, which wiped out billions of dollars from the crypto industry.

The benefactors are now reportedly returning campaign funds donated by SBF to charity organisations to maintain their status.

According to a CNBC report, an aide to Sen. Dick Durbin (D-Ill.) said the Senator would donate the $2,900 he received from SBF to charity.

Another Democratic politician, Sen. Kirsten Gillibrand of New York, noted that she planned to re-donate SBF’s $16,600 contribution to Ariva Inc., a charity organisation promoting individual wealth and economic development in low-to-moderate-income communities.

In a separate report, a representative for Beto O’Rourke’s gubernatorial campaign said that the Senator returned the $1 million contribution he received from SBF.

The funds represent one of the most significant single donations it has received since the campaign. The funds were returned on November 4, before the fallen company filed for Chapter 11 bankruptcy on November 11.

~ By William A. Frederick ~