Politics

Top Executive At Sam Bankman-Fried’s Bankrupt Crypto Exchange Donated Millions To Democrats

Photo Illustration by Leon Neal/Getty Images

James Lynch Reporter
Font Size:

Former FTX Director of Engineering Nishad Singh donated millions to Democrats and affiliated organizations in the 2022 midterm election cycle, records show.

Singh has donated $13 million to Democrats and affiliated organizations since the 2020 presidential election, according to Federal Election Commission (FEC) records.

In 2020, he donated $1 million to pro-Biden Super PAC Future Forward USA, CNBC reported. He also spent over $8 million on Democratic campaigns in the 2022 election cycle, according to nonpartisan campaign finance watchdog Open Secrets.

He gave $2 million to Senate Majority Super PAC, an organization that backed Democratic senate campaigns. Singh was the 34th largest donor overall in the midterm elections, Open Secrets data shows.

Singh was known as a “Bankman-Fried guy” and allegedly made many of the same contributions as the former crypto billionaire, a source told CNBC. Bankman-Fried gave $5 million to Future Forward in the same month as Singh, FEC records show.

Singh also gave $1 million to Mind Your Gap, a super-PAC founded by Sam Bankman-Fried’s mother, Barbara Fried. It was the largest contribution the PAC has ever received, according to CNBC. (RELATED: Here’s Why Disgraced Crypto Mogul Sam Bankman-Fried Hasn’t Been Arrested)

He was the Director of Engineering at FTX before he was fired as the company collapsed. Singh was a roommate of Sam Bankman-Fried and previously worked for FTX’s sister trading firm, Alameda Research, CNBC added.

Alameda loaned $543 million to Singh, the firm disclosed in bankruptcy filings, according to crypto site CoinDesk. The firm also loaned $1 billion to Bankman-Fried and $2.3 billion to FTX legal subsidiaries, CoinDesk added.

Bankman-Fried donated $39 million to Democrats in the 2022 midterm cycle, making him the party’s second largest donor behind George Soros, who donated $128 million to Democrats, OpenSecrets data shows.

His wealth peaked at $26.5. billion before his crypto empire collapsed, Forbes Magazine estimated.