Gemini co-founder Cameron Winklevoss is urging a fresh investigation into why campaign finance charges against Sam Bankman-Fried (SBF), the convicted founder of the collapsed FTX exchange, were dropped. He criticized the Department of Justice (DOJ) for failing to address allegations involving over $100 million allegedly linked to election interference. Winklevoss called on the incoming US Attorney General to take action and resolve these issues.
In a post on X dated November 23, Winklevoss highlighted his concerns over the DOJ's decision under Attorney General Merrick Garland. He claimed that the DOJ avoided pursuing the charges because they were not part of Bankman-Fried’s extradition agreement with the Bahamian government. He questioned why legal formalities prevented action on such serious accusations involving stolen customer funds.
Federal prosecutors initially dropped the charges last year, citing objections from Bahamian authorities. The accusations alleged that more than $100 million was diverted from Alameda Research to make over 300 political donations. According to the indictment, these contributions were often made using corporate funds or through intermediaries to conceal their origins. The goal, prosecutors said, was to gain influence in Washington, D.C., and push legislation favorable to FTX and the broader cryptocurrency industry.
Bankman-Fried was one of the top political donors during the 2022 midterm elections. Winklevoss emphasized the need to investigate how these funds were used and why the DOJ chose not to pursue the allegations, especially given their potential impact on election outcomes. He criticized the DOJ’s handling of the case, arguing that campaign finance violations should not have been overlooked.
Meanwhile, other figures involved in the FTX collapse have faced legal consequences. Caroline Ellison and Ryan Salame received sentences of two years and 7.5 years, respectively, while Gary Wang and Nishad Singh avoided prison time by cooperating with prosecutors. Bankman-Fried himself is currently serving a 25-year sentence for fraud and related crimes.
In a parallel development, FTX’s bankruptcy managers are moving forward with a reorganization strategy set to begin in January. The team has recovered billions of dollars for creditors and is working to reclaim additional assets tied to other parties. Winklevoss argues that addressing the unresolved campaign finance allegations is a crucial step in ensuring accountability for the FTX debacle.