A viral conspiracy theory claims that the recently collapsed cryptocurrency exchange company FTX was being used by Ukraine to launder money for the benefit of the ruling Democratic Party in America. However, the claims are false.
Founded in 2019, Bahamas-based cryptocurrency exchange FTX (an anagram of Future Exchange) made its owners, U.S. citizen Sam Bankman-Fried and Chinese-born Zixiao “Gary” Wang almost overnight millionaires.
Raising billions of dollars in investments, FTX was part of a wider, complex group of companies later solely owned by Bankman-Fried, and soon came under scrutiny over its lack of transparency.
In August 2022, the Federal Deposit Insurance Corporation (FDIC) published a cease-and-desist letter after FTX President Brett Harrison falsely alluded to FTX having FDIC insurance.
Undeterred, FTX continued to grow, becoming one of the world’s largest cryptocurrency exchanges, enticing millions of clients to use its services.
One such client was Aid for Ukraine, a popular charity organisation established to collect donations to help Ukraine defend itself against the ongoing Russian invasion. From early March, Aid for Ukraine used FTX to convert cryptocurrency donations into Ukrainian currency. However, the partnership – one of millions FTX was engaged in – ended the following month.
In October, FTX was placed under investigation in Texas for selling unregistered securities.
Embroiled in scandal, the following month, Bankman-Fried’s fortune dramatically...
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