Democrats need a new sugar daddy.
Billionaire Sam Bankman-Fried, who donated more than $40 million to Democratic candidates and a network of super PACs this year, has been wiped out and stepped down as CEO of FTX.com after the cryptocurrency exchange filed for Chapter 11 bankruptcy protection.
The Securities and Exchange Commission and the Commodity Futures Trading Commission are reportedly investigating whether FTX mishandled customer deposits to prop up Mr. Bankman-Fried’s hedge fund, Alameda Research.
The swift and stunning loss of the 30-year-old’s $16 billion fortune will leave a big hole in Democrats’ campaign coffers heading into the 2024 election cycle.