The November election is long over, but one item of business remains: a mysterious contribution from one of the top executives at FTX, the high-flying cryptocurrency exchange that recently declared bankruptcy after an old-fashioned run on the bank.
The Oregonian reported that the contribution to the Democratic Party of Oregon Political Action Committee, the largest in the PAC’s history, was made in the name of a Las Vegas-based crypto startup called Prime Trust. But it actually came from Nishad Singh, director of engineering at FTX, and the DPO PAC didn’t correct the information until the paper called about it, The Oregonian said.
When Secretary of State Shemia Fagan read about the error, she immediately requested that the Oregon Elections Division open an investigation, spokesman Ben Morris says.
Here are the details:
WHO GOT IT?
The Democratic Party of Oregon PAC
WHERE DID IT GO?
Campaign cash is fungible but the DPO filings show it spent $2.69 million this year on Gov.-elect Tina Kotek’s campaign. That’s more than half the $4.5 million the DPO spent this year.
WHY IT MATTERS
Politicians often have to return or regift contributions when big contributors, such as the Hollywood producer Harvey Weinstein, fall into disgrace. Texas gubernatorial candidate Beto O’Rourke returned a $1 million donation from former FTX CEO Sam Bankman-Fried four days before Election Day, The Texas Tribune reported.
WHAT DOES THE DPO SAY?
“The issue is important to us. We are aware of the situation and monitoring it closely. We have no other comments at this time.” Notably, the DPO has $562,000 left in its account, so it could afford to make things right.