FTX exec revealed to be big donor to Oregon Democratic Party after misidentification

A senior FTX executive has been revealed to be a mysterious donor who donated a whopping $500,000 to the Democratic Party in Oregon, USA.

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

But on November 1, the party chairman revealed that the true source of funding behind the donation was FTX Engineering Director Nishad Singh, the state’s Democratic Party’s fourth largest donor since November 2020. I made it

Apparently, there was initial confusion as to who was behind the $500,000 donation.

State Party Executive Director Brad Martin told Oregon Live in October, “based on documents received from our bank,” that the party “reasonably believes that this donation is in fact from Prime Trust LLC.” I truly believed it,” he said.

Weeks after the Oct. 4 donation, after local media questioned why the Las Vegas startup was making such a big contribution, Martin was contacted by Singh on Oct. 28, saying, “He is a (Democrat) (Oregon), and Prime Trust LLC was not a contributor.”

A spokesperson for Prime Trust told OregonLive on November 1, “This is not Prime Trust funding the PAC. Prime Trust is only performing the transfer on behalf of the customer.” made it even more clear.

The party has since amended state campaign funding disclosures to reflect true donors, according to reports.

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The nature of contributions may not come as a surprise to some. While Shin has been linked to political donations through the Prime Trust in the past, Oregon state politics has been the focus of FTX’s attention before.

A Politico report in April said that a $14 million donation from Prime Trust to the Protect Our Future PAC, backed by FTX CEO Sam Bankman-Fried, would, as FTX confirms, exceed $1 million from Singh. It consisted of dollars and the remainder from Bankman-Fried.

At the time, FTX declined to comment on why the funds were directed through Prime Trust, with a Prime Trust spokesperson only saying that this type of transaction is “common.”

Bankman-Fried’s Protect Our Future Super PAC is also said to have donated $8 million to $10 million to Carrick Flynn’s campaign.

Prime Trust and Singh also contributed to these donations, according to the NGO Open Secrets.

Cointelegraph reached out to the Oregon Democratic Party and Brad Martin, but received no response by the time of publication.