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FTX retrieves political donations! The bankrupt team retrieves 14 million pounds from the PACs and Democratic Party groups of the US Senate and House of Representatives.
There have been new developments in the FTX case. The FTX bankruptcy restructuring team has reached a settlement protocol with multiple Political Action Committees (PACs) and Democratic Party groups in various states, recovering approximately $14 million in political donations.
The majority party PACs in both the Senate and the House of Representatives and the Democratic caucuses recouped 14 million euros.
According to court documents dated 12/10, the FTX bankruptcy management team reached a $9 million settlement with the majority party political action committees (House & Senate) in November, as well as additional settlements with democratic party groups in various states in the United States, totaling approximately $14 million in settlement funds.
The US prosecutors said that these settlements were part of the political donations originally made by SBF and other FTX executives, but due to the complexity of the situation after SBF's extradition to the Bahamas in 2022, the charges were withdrawn by the prosecutors the following year.
Latest FTX court documents and settlement amount list with various state PACs and Democratic Party groups. Senior FTX executives have been successively arrested, and the liquidation and compensation process is still ongoing.
FTX crash case has been two years now, and the FTX bankruptcy team has been gradually recovering funds. The original top management have also been arrested and brought to justice:
FTX founder SBF has been sentenced to 25 years in prison.
Caroline Ellison, CEO of Alameda Research, girlfriend and sister organization of SBF, is currently a key witness for the prosecution and has been sentenced to two years in prison and is currently serving her sentence.
FTX executive Ryan Salame has been sentenced to 7 and a half years in prison and is currently serving his sentence.
Former FTX engineering manager Nishad Singh was given a three-year probation for his cooperative attitude.
FTX's co-founder and CTO, Gary Wang, was the last to be tried in the FTX case and also received a suspended sentence as a senior executive.
Although SBF did not face any political donation-related charges in the trial, the prosecution still ruled that he committed seven serious crimes. SBF is currently still detained at the Metropolitan Detention Center (MDC) in Brooklyn, New York. He started writing a prison diary during his sentence, attempting to publish it for royalties, but even if he earns royalties, he may still have to use them to compensate the victims.
(FTX Digital Markets customers please note! Please complete the relevant tax forms)
This article FTX retrieves political donations! The bankrupt team recovers 14 million magnesium from the PAC and Democratic Party groups in the United States, first appeared in Chain News ABMedia.