Sam Bankman-Fried, the former CEO of cryptocurrency exchange FTX, has been accused of violating campaign finance laws by falsely claiming that the money he donated to political campaigns was from other individuals when it was actually from his crypto hedge fund, Alameda Research.

Bankman-Fried was a significant donor during the previous election cycle, reportedly giving over $40 million.

In light of the allegations, the Democratic National Committee (DNC) has announced that it will set aside the $815,000 in contributions that it received from Bankman-Fried since 2020, and will return the funds once it receives proper direction in the legal proceedings.

Bankman-Fried was arrested in the Bahamas on December 12th and is facing a total of eight charges, including wire fraud, commodities fraud, securities fraud, money laundering, and violation of US campaign finance laws.