Sam Bankman-Fried Claims Biden Administration Targeted Him Politically Amid FTX Collapse

The post Sam Bankman-Fried Claims Biden Administration Targeted Him Politically Amid FTX Collapse appeared first on Coinpedia Fintech News

Former FTX founder Sam Bankman-Fried (SBF) has once again stirred controversy, this time accusing the Biden administration of orchestrating his arrest for political reasons. In a recent post on GETTR, SBF claimed that his 2022 detention wasn’t solely about FTX’s collapse but a calculated move to silence him after he began donating to Republican candidates.

From Political Favorite to Political Target

According to SBF, his early reputation as a major Democratic donor shifted in 2022 when he started backing Republicans

He suggested that his arrest came just before a crucial crypto regulation bill was scheduled for a vote, and one day before he was meant to testify before Congress.

SBF explained that after observing the SEC and Justice Department launch aggressive enforcement actions against crypto firms, he decided to take a more “centrist” approach. He believes this shift in political support cost him favor in Washington.

The Mystery of Gensler’s Missing Messages

SBF’s claims gained more attention after it was revealed that former SEC Chair Gary Gensler’s government-issued phone was wiped clean, erasing almost a year’s worth of texts from October 2022 to September 2023. The SEC’s Inspector General confirmed that the device underwent an “enterprise wipe,” coinciding with the FTX collapse and key enforcement actions against crypto firms.

The discovery fueled fresh outrage across the crypto community. Coinbase accused the SEC of “destroying evidence,” prompting lawmakers to open an investigation into how critical records disappeared during a crucial period of crypto oversight.

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A Fallen Prodigy or a Political Casualty?

Bankman-Fried, now serving time at FCI Terminal Island, maintains that his case was as much about politics as it was about alleged fraud. Prosecutors, however, painted a very different picture, arguing that he funneled billions in customer funds from FTX into Alameda Research, using the money for lavish purchases, risky trades, and political donations.

An X user, AusMini, praised Sam Bankman-Fried for finally speaking out on GETTR, saying his call for a fair hearing is justified and that “everyone deserves fairness and dignity.” The post drew parallels to Miles Guo’s situation, suggesting both have faced political targeting, and urged that justice should now prevail.

Another user, Timothy Janszen, countered that while some of Sam Bankman-Fried’s claims might hold partial truth, his imprisonment isn’t about bad market timing.

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FAQs

Why is Sam Bankman-Fried claiming his arrest was political?

SBF says his 2022 arrest was politically motivated after he began donating to Republicans, suggesting it aimed to silence him during key crypto debates.

What do critics say about SBF’s political arrest claims?

Critics argue his claims distract from the core issue—using FTX customer funds for personal and political gains, which they call outright financial misconduct.

Is Sam Bankman-Fried considered a political scapegoat or a fraudster?

Opinions are split: supporters see him as politically targeted, while prosecutors say he committed fraud by misusing billions in customer funds.