According to new federal records, the Biden Victory Fund has forfeited a $50,000 donation from Sam Bankman-Fried, the disgraced CEO of the defunct cryptocurrency exchange FTX. Records from the Federal Election Commission (FEC) indicate that the donation was surrendered to the U.S. Marshals Service in January.
Bankman-Fried made the donation to Biden in 2022 and was later sentenced to 25 years in prison last month for defrauding customers of $8 billion, which he partially used to fund political contributions.
The Biden Victory Fund comprises Biden’s reelection campaign and more than 50 Democratic political committees. According to the FEC, it raised over $280.9 million between January 1, 2023, and March 31, 2024. As of March, Biden’s own campaign had $85.5 million cash on hand, while former President Donald Trump, the presumptive Republican nominee, had $45 million, as reported by The New York Times.
The Biden campaign has not responded to requests for comment from Raw Story.
In April 2023, Raw Story first reported that the U.S. Marshals Service had begun collecting donations made to prominent politicians and committees by Bankman-Fried and other former FTX executives. This is an uncommon occurrence for the federal agency, which is primarily known for apprehending fugitives. As of September, the Marshals had collected over $1.35 million from over 150 political campaigns and committees.
A review of new FEC records, which include financial information from early 2024, shows that the Marshals have now collected over $2.35 million in FTX donations. Raw Story has reached out to the U.S. Marshals for comment, but has not yet received a response.
Other notable FTX-related donation returns include $2,900 from former FTX executive Nishad Singh to Rep. Abigail Spanberger’s (D-VA) congressional campaign committee, $765,000 from FTX to the Democratic National Committee, $109,500 from FTX to the National Republican Senatorial Committee, and $25,000 from FTX to the Republican National Committee.
Campaigns for prominent politicians, ranging from House Speaker Emerita Nancy Pelosi (D-CA) to House Republican Conference Chair Rep. Elise Stefanik (R-NY), have also returned FTX-related donations to the Marshals.
According to a CBS News analysis, Bankman-Fried donated over $40 million to political causes during the 2022 election cycle.
