However, instead of the repercussions of the scandal subsiding, new developments that deepen further occupy the agenda. One of these developments is the claim that FTX founder Sam Bankman-Fried (SBF) and his family may have been involved in a $100 million political donation scheme.

The news brought to the agenda by The Wall Street Journal is based on previously undisclosed e-mails. These emails reveal that SBF’s family played a very active role in the political donation scheme in question.

Allegedly, SBF’s family was in a key position in the management and direction of this scheme. Even more concerning is the claim that these donations were financed by misappropriating FTX customer assets and accounts.

The emails show that SBF’s father, Joe Bankman, played a key role in developing financial strategies related to these questionable political donations. Joe Bankman, a law professor at Stanford University, is accused of being directly involved in this illegal activity, now described as a “fake donor” scheme.

A fake donor scheme means a person uses someone else’s money to make political donations in their own name. Although Joe Bankman denies these allegations, emails published by the WSJ indicate that he was directly involved in these illegal funding operations.

Another important name in the scandal is SBF’s mother, Barbara Fried. He is also a co-founder of the political action committee (PAC) Mind the Gap. Through this committee, Fried allegedly used FTX funds to funnel them to various progressive groups and initiatives. SBF’s brother Gabriel Bankman-Fried is another name mentioned in this scandal. It is alleged that Gabriel directed donations to pandemic prevention efforts, again using FTX funds.

The main purpose of this coordinated effort is thought to be to influence election results by supporting certain political formations and causes in the 2022 elections. David Mason, the former chairman of the Federal Election Commission, emphasizes that the evidence presented in the emails is quite convincing.

Mason states that Joe Bankman’s involvement in this scheme could lead to serious legal liability under campaign finance laws. Mason also states that there is “solid evidence” in the emails that Joe Bankman was aware of these illegal operations and even participated personally.

The FTX scandal hits not only SBF’s family but also former FTX executives. On May 28, Ryan Salame, former co-CEO of FTX Digital Markets, was sentenced to 7.5 years in prison after pleading guilty to charges including operating an unlicensed money transfer and campaign finance fraud. This decision was beyond the expectations of the prosecution, which requested only 7 years in prison for Salame. This situation shows how seriously the judicial process regarding the FTX scandal is taken.

Although Salame’s punishment is a surprise, the real question is what kind of punishment SBF’s family will face in this scandal. If the legal proceedings expand to include SBF’s family, the penalties are expected to be quite severe.

The repercussions of the FTX scandal led to a crisis of confidence in the cryptocurrency industry. This new development further damaged the reputation of the sector with the allegation that SBF and its family may have been involved in this scandal. While SBF is currently serving a 25-year prison sentence for FTX-related crimes, the possibility that other members of this family may also face prosecution adds to the uncertainty in the cryptocurrency market. This situation once again reveals the importance of what needs to be done to restore the confidence of both investors and regulators in the sector.