Bitrabo Editorial
The latest update in the FTX saga reveals that Michelle Bond, the partner of former FTX executive Ryan Salame, is facing allegations of breaching campaign finance laws. This development follows Salame’s recent attempt to challenge his conviction.
Government Action Against FTX Affiliates
The US Attorney’s Office in Manhattan has accused Bond, who ran for a congressional seat in New York last year, of utilizing $400,000 from FTX, where her partner worked, to fund her campaign. The Department of Justice (DOJ) views these actions as a breach of regulations prohibiting corporate contributions to political campaigns.
US Attorney Damian Williams stated that Bond and her partner sought to finance her congressional campaign by unlawfully utilizing corporate funds and then attempting to conceal the transactions. Such misconduct undermines public trust in the electoral process and the government. The justice system aims to hold accountable those who violate laws, regardless of their political positions.
Although Salame and FTX were not explicitly mentioned in the DOJ announcement, their involvement is evident. Salame, who admitted to making illicit campaign contributions to support causes favored by FTX’s founder, recently requested to withdraw his guilty plea.
Unfulfilled Promises?
In his legal filing, Salame alleged that prosecutors had broken a promise not to investigate Bond – with whom he shares a child – if he pleaded guilty. However, the prosecutors extended their inquiry into the financial and political complexities surrounding FTX’s downfall.
Bond, a former employee of the Association for Digital Asset Markets and cryptocurrency trade group, is facing multiple criminal charges related to unlawful contributions. The sentencing date for Bond is yet to be revealed, whereas Salame is set to begin a 7-and-a-half-year prison term on October 13.
As of now, FTX’s native token FTT is trading at $1.48, showing a significant 13% surge in the past day, with a 300% rise in trading volume to $37 million. However, the FTT token remains 98% below its peak of $84 in September 2021, prior to the collapse of the exchange under its former CEO Sam Bankman-Fried, who is presently serving a lengthy prison sentence.
Image source: DALL-E, chart source: TradingView.com