The collapse of Sam Bankman-Fried and his fraudulent cryptocurrency empire at FTX is news at its most entertaining. Who doesn’t love the story of a big shot billionaire revealed to be an outright fraud? It’s black-and-white. FTX owes billions in debt and doesn’t actually own a dime of the assets it claimed. Game over.
At first blush, the story seems simple. A con man cynically convinced a bunch of gullible financiers that he was an eccentric young visionary and a really great guy, and he ran off with the dough.
But take a closer look at the mainstream coverage, and you’ll realize there’s far more to this story than a classic financial fraud. In fact, the puff pieces from mainstream outlets about SBF and the causes he was funding—most notably, the pandemic planning industry—even after his empire was revealed to be an outright fraud, are the clearest instance we’ve seen of the modern political machine in all its cynicism.
Both the New York Times and the Washington Post ran articles portraying SBF as a more-or-less honest businessman with a big heart who got tangled up in a bad situation. This is, of course, wildly inaccurate. From the very beginning, SBF had no intention of engaging in honest business. He never owned a dime of the assets he said he did. And in an incredible interview with Vox, he essentially admitted that there were never any good intentions behind his “philanthropic” contributions.
But it’s the Washington Post article titled “Before FTX collapse, founder poured millions into pandemic prevention” that’s most astonishing. As Jeffrey Tucker has documented, the Washington Post gushes over the tens of millions of dollars that SBF had donated to the pet left-wing cause of “pandemic prevention:”
FTX-backed projects ranged from $12 million to champion a California ballot initiative to strengthen public health programs and detect emerging virus threats (amid lackluster support, the measure was punted to 2024), to investing more than $11 million on the unsuccessful congressional primary campaign of an Oregon biosecurity expert, and even a $150,000 grant to help Moncef Slaoui, scientific adviser for the Trump administration’s “Operation Warp Speed” vaccine accelerator, write his memoir.
…Ok. But all that money was stolen.
Leaders of the FTX Future Fund, a spinoff foundation that committed more than $25 million to preventing bio-risks, resigned in an open letter last Thursday, acknowledging that some donations from the organization are on hold.
…Ok. But everything we did over the last three years for purposes of “preventing bio-risks” was an abject failure, leading—as was entirely predicted—to countless thousands of deaths due to delayed medical operations, a mental health crisis, drug overdoses, an economic recession, global famine, and hundreds of thousands of excess deaths among young people who were at little to no risk from the virus.
The FTX Future Fund’s commitments included $10 million to HelixNano, a biotech start-up seeking to develop a next-generation coronavirus vaccine; $250,000 to a University of Ottawa scientist researching how to eradicate viruses from plastic surfaces; and $175,000 to support a recent law school graduate’s job at the Johns Hopkins Center for Health Security. “Overall, the Future Fund was a force for good,” said Tom Inglesby, who leads the Johns Hopkins center, lamenting the fund’s collapse. “The work they were doing was really trying to get people to think long-term … to build pandemic preparedness, to diminish the risks of biological threats.”
The Bankman-Frieds’ family foundation in February also committed $5 million to ProPublica, a nonprofit news organization, to support reporting focused on pandemic preparedness and biosecurity, including one-third of the grant delivered upfront. The funding has subsidized several staff and articles — including a high-profile story with Vanity Fair about the possibility that covid leaked from a Chinese laboratory, which frustrated some of the Bankman-Frieds’ pandemic advisers who pointed to criticism of its translations of Mandarin Chinese.
This is, of course, in keeping with a years-long pattern of glowing press on the 30-year-old “crypto king”—whom Forbes had estimated to have a net worth over $15 billion—from the same business journalism outlets that were supposed to be holding him accountable.
We’ve been told not to question which policies billionaires choose to support, because it’s their money. But none of it was his money. It was all stolen.
We’ve been told it doesn’t matter whether the policies the billionaires supported actually worked, because their intentions were good. But here, SBF’s intentions had never been good. He donated the money solely for the purpose of glowing press to further his fraud.
We’ve been told the glowing press for billionaires who support these policies is justified, because the policies help the world. But these pandemics policies never helped the world. They created a man-made human and economic catastrophe, set back human rights by decades and decimated America’s global credibility.
From the earning of the money, to the donating of the money, to the positive press coverage, to the policies the process funded, at no point was there any good intent or positive outcome to any of it. The entire operation was pure, unadulterated evil.
This is the modern political machine in all its stark, inhuman nihilism. Once the machine is fed its priority, whether through fear, fraud, or outright corruption, then all its cogs snap into place—from the politicians and officials to the billionaires and journalists—and the only wrong a person can do is to oppose its priorities. The intent never mattered. The legality never mattered. The truth never mattered. The data never mattered. The results never mattered.
Republished from the author’s Substack