Loading...

FTX founder Bankman-Fried considered $5 billion payoff to deter Trump’s candidacy, claims Michael Lewis

In this post:

  • In a “60 Minutes” interview, Michael Lewis revealed that Sam Bankman-Fried, the founder of the failed crypto exchange FTX, considered offering $5 billion to Donald Trump to prevent him from running for President.
  • Bankman-Fried, who now faces multiple federal charges and is in detention, was previously a significant political donor, giving millions to both Democrats and Republicans.

In a riveting twist that’s sure to keep political and financial pundits busy for weeks, Michael Lewis, renowned author of ‘The Big Short,’ has stirred the pot in a recent interview. Airing on “60 Minutes,” Lewis revealed that Sam Bankman-Fried, the beleaguered founder of the now-defunct crypto exchange FTX, had considered offering Donald Trump about $5 billion to dissuade him from running for the presidency. Moreover, Lewis indicated that Bankman-Fried wasn’t entirely sure if this unique electoral strategy would even pass legal muster.

A tumultuous fall from grace

Once hailed as a crypto wunderkind, Bankman-Fried’s empire unraveled in 2022, tarnishing a net worth once estimated at $26.5 billion by Forbes. His downfall culminated in a Chapter 11 bankruptcy filing for FTX, revealing its reliance on in-house crypto tokens as collateral. This dependency alarmed investors, especially when cryptocurrency markets took a hit. Currently, Bankman-Fried is confined in a Brooklyn detention center, confronting seven federal charges ranging from wire fraud to conspiracy to commit money laundering.

Bankman-Fried’s enigmatic political leanings have also raised eyebrows. Before FTX’s implosion, the entrepreneur was an avid political donor, generously contributing $40 million to Democratic causes in the 2022 midterm elections. However, he also confessed to being a significant Republican donor. Consequently, his supposed willingness to pay Trump such a hefty sum adds another perplexing layer to his already complex persona.

Lewis claimed that Bankman-Fried was unsure if the $5 billion amount came directly from Trump. According to Lewis, bankman-Fried also questioned the legality of paying Trump not to run.

Micheal Lewis: “There was a number that was kicking around. And the number that was kicking around when I was talking to Sam about this was $5 billion.”

Significantly, Steven Cheung, a spokesperson for Donald Trump, had a brief yet scathing retort to Lewis’s allegations, labeling Bankman-Fried a “fraudster and someone that can’t be trusted.” Bankman-Fried’s legal representatives remained conspicuously silent, failing to respond to weekend inquiries.

However, even before his financial meltdown, Bankman-Fried sought to wield his wealth in an unconventional manner. According to Jon Wertheim, a correspondent for “60 Minutes,” Bankman-Fried wanted to influence the 2024 elections differently. It’s this revelation that has set the rumor mill ablaze: Was the proposed $5 billion an earnest offer or just speculative chatter? And despite the looming legal battles, the question remains—would such an audacious political gambit even be lawful?

Therefore, as Bankman-Fried prepares to stand trial, this latest disclosure fuels ongoing debates about the intersection of politics, business, and ethics. While legal authorities probe Bankman-Fried’s past donations to both Democrats and Republicans, this bizarre tale offers an unprecedented look into the machinations of power and money.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Share link:

Most read

Loading Most Read articles...

Stay on top of crypto news, get daily updates in your inbox

Related News

Stablecoins
Cryptopolitan
Subscribe to CryptoPolitan