Jack Winstanley and Natalie Mathes at MMFA:
After the cryptocurrency exchange FTX filed for bankruptcy protection on November 11, right-wing outlets spread a baseless conspiracy theory drummed up by a white supremacist radio host claiming that FTXās downfall was related to CEO Sam Bankman-Friedās donations to the Democratic Party and FTXās role in supporting relief efforts in Ukraine.
Multiple outlets have confirmed that Bankman-Fried had made a number of high-dollar personal contributions to Democratic campaigns during the 2022 midterm elections. However, there is currently no evidence that FTX was laundering taxpayer money or private funds through Ukraine and into Democratic campaigns. A Ukrainian official has also refuted the conspiracy theory, calling it ānonsense.ā
The conspiracy theory appears to have originated from white supremacist Hal Turner on November 11, when Turner published a post to his radio show's website. The post asserted without evidence that ātens-of-billions in American āMilitary Aidā to Ukraineā was actually invested into FTX by the Ukrainian government, and then reinvested into Democratic Party campaigns. In the post, Turner also claimed that āto some observers,ā this appears to be "pure, criminal, money-laundering, and a criminal conspiracy to violate campaign finance laws.ā
A Twitter thread that linked to Turnerās content and was retweeted thousands of times was then posted on November 11. The same unsubstantiated theory was subsequently amplified by embattled Twitter CEO Elon Musk, who posted content that seemed to originate from 4chan to support this theory.
Following Muskās promotion, the FTX conspiracy theory rapidly gained traction with right-wing figures and online outlets. Musk has historically used his personal Twitter account to bring attention to right-wing conspiracy theories and those amplifying them, recently tweeting and then deleting a link to a website espousing the unhinged theory about the attempted assassination of Democratic House Speaker Nancy Pelosi and subsequent assault of her husband. Right-wing figures and online outlets were quick to amplify that falsehood as well.
Right-wing influencers such as Elon Musk, Jack Posobiec, Benny Johnson, and Eric Matheny, push cuckoo conspiracies about FTX and Sam Bankman-Fried to attack the Democratic Party and Ukraine.












