Claims of illegal campaign contributions previously made by prosecutors against alleged crypto crook Sam Bankman-Fried now have been dropped.
The New York Post said the move, to eliminate a claim of making unlawful campaign contributions, makes the case involving Bankman-Fried, 31, less political.
The decision follows a legal snafu involving his extradition from the Bahamas to the U.S., the report said.
Federal prosecutors, as a result, moved to drop campaign finance violation charges.
The move came after the Bahamas made it clear authorities did not extradite him on those counts.
“Under the American extradition treaty with the Bahamas, the island nation must consent to the charges against Bankman-Fried, a major donor in the 2022 midterm elections,” the Post report said.
A document filed with the court in the case, “Accordingly, in keeping with its treaty obligations to The Bahamas, the government does not intend to proceed to trial on the campaign contributions count.”
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Those claims had included allegations Bankman-Fried and others used tens of millions of dollars in FTX funds to make more than 300 donations – illegally – to buy favor with candidates in positions to help his company.
A dozen other charges, regarding claims he stole from customers of his now-failed FTX cryptocurrency exchange, remain.
While he’s already been returned to the U.S., the extradition proceedings give the Bahamas influence over the case.
On the original charges, a trial is scheduled in October. A hearing is expected in early 2024 regarding other issues.
Bankman-Fried is on home detention at his family’s house in California on $250 million bond as he awaits trial, the report explained.
The National Pulse reported that Bankman-Fried is accused of misusing customer deposits and making $90 million in campaign contributions to some 300 “predominantly left-wing political candidates or action committees.”
The defendant reported had a net worth of some $26.5 billion at the peak of his operations. He ranked behind only George Soros in money given to Democrats last year.
He quit FTX when the company collapsed, costing customers and lenders billions of dollars.
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