The global cryptocurrency market has suffered yet another devastating setback over the past two weeks, after FTX, among the largest exchanges in the world, filed for U.S. bankruptcy protection, putting billions of dollars in investments at risk.
The now former CEO, Sam Bankman-Fried, saw his net worth of $16 billion wiped out in a matter of days, per Bloomberg, following an asset scandal that may leave one million creditors unable to recoup funds.
It’s another bad news story for the cryptocurrency market at large, which has collapsed in value from more than $3 trillion around 12 months ago to $827 billion at the time of publication.
While others outside of FTX now face further scrutiny for their financial ties to Bankman-Fried, including politicians, one conspiratorial claim connecting U.S. funding for Ukraine to the exchange’s collapse has taken root.
Multiple tweets, posted between November 12-15, 2022, claim that Ukraine sent billions of dollars sourced from foreign aid to FTX, which was then sent back to the Democratic party.
The claim has been spread by a number of prominent right-leaning commentators and politicians, including Madison Cawthorn, James Woods, Calvin Robinson, Seth Dillon and Jack Posobiec, among others.
Various iterations of the narrative took root on conspiracy theory subreddits, 4Chan, and other fringe online spaces.
To understand if and how its demise is connected to U.S. political parties and Ukraine, Newsweek has broken down both the timeline of FTX’s troubles and how that relates to the claim being spread online.
What happened at FTX?
R&I – FS
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Article URL : https://www.newsweek.com/what-behind-claim-joe-biden-laundered-billions-ukraine-aid-via-ftx-1759774