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high-ranking FTX executive has been identified as the rumored mystery donor behind a $500,000 donation to the Democratic Party of Oregon in the United States.

According to local media, the Oregon Democrats previously told state election officials that the $500,000 donation came from Prime Trust, a Nevada-based crypto-focused fintech.

However, the party director disclosed on Nov. 1 that the trustworthy source of the donation was FTX Engineering Director Nishad Singh, who has been the state Democratic Party's fourth-largest donor since November 2020.

Apparently, there was some uncertainty about who was first responsible for the $500,000 donation.

In a statement, state party executive director Brad Martin told OregonLive that "The party "genuinely believed this contribution was, in fact, from Prime Trust LLC based on documentation obtained from our bank" in October.

After local media questioned why a Las Vegas start-up made such a large donation on October 4, Martin received communication from Singh on October 28, revealing that He had contributed personally to the (Democratic Party of Oregon). Prime Trust LLC was not the donor.

A Prime Trust spokesperson told OregonLive on Nov. 1 that "this is not Prime Trust contributing money to the PAC; it's simply Prime Trust effectuating the transition on behalf of a customer."

According to reports, the party has since modified its state campaign finance disclosure to reflect the true donor. Some may be surprised by the nature of the contribution. Singh was previously linked to political donations through Prime Trust, and FTX was interested in Oregon politics.

According to an April Politico report, a $14 million contribution from Prime Trust to the Protect Our Future PAC, which FTX CEO Sam Bankman-Fried backs, was made up of $1 million from Singh and the rest from Bankman-Fried.

FTX turned down to comment at the time on how the funds were routed through Prime Trust, and a Prime Trust spokesperson only stated that this type of transaction was commonplace.

Bankman-Protect Fried's Our Future super PAC also reportedly donated $8 million and $10 million to Carrick Flynn's campaign, a political newcomer and family friend trying to run in a newly created U.S. Outside of Portland, there is a House of Representatives district.

According to the NGO Open Secrets, Prime Trust and Singh were also instrumental in those charitable contributions.

Do you think there's a conflict of interest in FTX donating to Oregon Democrats? Let us know your thoughts by sharing this article online. 

Posted 
Nov 2, 2022
 in 
Crypto News
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