Sam Bankman-Fried wasn’t the only one making big donations to American political parties. His friend and co-founder of the FTX platform, Nishad Singh, has also participated in campaign financing for the Democrats in the United States.
He touched the SBF sun, and burned his wings
After passing through Alameda Research, Nishad Singh quickly became a very close friend of SBF, and will lead large teams within the FTX company. Laid off during the crash of the company, the businessman was one of Bankman-Fried’s roommates and participated in the development of the philanthropic branch of FTX.
Like his mentor, he did not hesitate to distribute millions (which we now know were certainly those of the clients) with various political parties affiliated with the Democrats.
No less than 13 million dollars in total have been paid since 2020, when the presidential elections began in the United States.
With 8 million distributed to federal campaigns in 2022, Nishad Singh is among the big donors affiliated with FTX and its daughter companies. This even gives him 34th place in the ranking of the largest donors to federal campaigns in the last election.
Prior to becoming the SBF Caliph’s associate, he donated $2,700 in 2018. The evolution of its economic situation has therefore enabled it to add a few zeros to bank transfers.
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Donation contest with his friend SBF
When Sam Bankman-Fried was pouring 5 million dollars in 2020 to Joe Biden’s party, Nishad Singh had to settle for1 million dollars only, his funds not allowing him to compete with his friend.
These donations are fully authorized and used in a conventional way in the USA. But with the FTX-related controversy, it could be that this money, which went to help political parties, was in fact that of the clients of the various companies.
SBF and his colleagues will have to explain, one by one, these various payments, and report to the Financial Services Committee. The hearing date of December 13 was announced, but Bankman-Fried refuses to testify, either remotely or in person. He wants to take some extra time to understand and review what happened with FTX and its affiliates.
The people who trust him believe that it is necessary time to be able to show their credentials. For the others (a huge majority), SBF just saves time to to shelterboth financially and physically.
The new CEO of FTX, John Jay Ray will be him well here to try to explain in more detail the current situation, and especially the sequence of events.
There are still several gray areas to be clarified and many ramifications to bring to light. It’s a safe bet that Nishad Singh, Sam Bankman-Fried, John Jay Ray are names that we have not finished seeing displayed on the front page of our media, as the FTX affair is sprawling.
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