WEF distances itself from FTX after bankruptcy

Jorgen Soby

November 15, 2022

FTX, a cryptocurrency trading platform that suddenly filed for bankruptcy on Friday appears to have close ties to the World Economic Forum (WEF) — a connection the globalist group seems suddenly interested in hiding. 

FTX and its ties the WEF
WEF distances itself from FTX after bankruptcy

FTX was the only cryptocurrency exchange listed on the WEF website until it was suddenly removed after Friday’s filing. FTX CEO Sam Bankman-Fried was also a speaker at Davos last May

Linda P. Fried, a relative of former FTX CEO Sam Bankman-Fried, is still listed on the WEF’s site. Bankman-Fried resigned on Friday as the company filed. 

“FTX was a World Economic Forum partner. In light of last week’s events, their partnership was suspended and they were removed from the Partners section of our website,” a spokesman for the Geneva-based organization headed by Klaus Schwab told the New York Post on Monday.

A WEF insider also told the Post Bankman-Fried likely landed on the group’s site because he donated cash to the group.

FTX has been in the headlines since an article appeared in CoinDesk two weeks ago. The report claimed that the balance sheet of Alameda, a crypto hedge fund owned by Bankman-Fried, held billions of dollars worth of FTX’s own cryptocurrency, FTT, which it was using to gamble. 

The revelations spooked investors who made the connection between the two firms and started pulling funds off the FTX exchange and panic-selling FTT tokens. As users rushed to withdraw funds, Bankman-Fried halted withdrawals when roughly $5 billion worth of withdrawal requests hit FTX.

FTX filed for bankruptcy less than a week later. 

Before its downfall, the Ukrainian government partnered with FTX and announced in March its “new crypto donations website” titled “Aid for Ukraine.” 

FTX, among others, backed the site. FTX was responsible for converting donations into fiat for deposit at the National Bank of Ukraine.

The US has given $54 billion to help Ukraine’s war efforts. 

In 2021-22, Bankman-Fried donated up to $39.8 million to the US Democratic Party. That makes him the second-largest donor to the party, behind George Soros. 

Some critics allege that FTX partnered with Ukraine to fund the Democrats ahead of the midterm elections. 

Since FTX’s bankruptcy filing, The Wall Street Journal has reported that FTX  loaned $10 billion of customer funds to Alameda to gamble with, over half of the exchange’s $16 billion in assets.

FTX’s terms of service state that customer deposits belong to the customer, not the exchange. The terms of service read, “You control the Digital Assets held in your Account.” 

The US Securities and Exchange Commission and the Commodity Futures Trading Commission are investigating whether FTX.com mishandled customer funds. Bankman-Fried is also being investigated by the US Securities and Exchange Commission for potential violations of securities rules.

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