Tag Archives: crypto wallets

FTX Told US Treasury It Targeted Broward’s “Most Vulnerable” With Risky Digital Assets And Crypto Wallets

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In a letter to the U.S. Treasury, FTX detailed its plans to target Broward’s “most vulnerable” residents with a banking scheme involving digital assets and crypto wallets. Yesterday, REDBROWARD revealed FTX founder Sam Bankman-Fried’s March 2022 testimony to Congress where he discussed a partnership with Broward County Government. “We began our program in South Florida in partnership with OIC of South Florida and Broward county government, and have recently announced a new million dollar program with the City of Chicago, and look forward to expanding to many other cities and communities across the country,” Bankman-Fried said.

An August 2022 letter to the U.S. Treasury gave more details about FTX plans for Broward.

“FTX is dedicated to actualizing the digital asset industry’s promise of fast, accessible, and low-cost financial services from the frontlines of Ukraine’s defense of democracy, to American communities left out of the traditional financial system,” the letter stated. FTX claimed the solution for the inability of some minorities to open traditional bank accounts was to create bank accounts utilizing FTX products such as a digital wallet. “FTX Foundation is collaborating with local governments, communities, and organizations across the country to offer those cut out of the financial system a free bank account and debit card linked to a crypto wallet,” FTX wrote.

The FTX Foundation, the charitable arm of FTX, was the organization behind the FTX Hackathon and Crypto Summit which targeted Broward students. Sam Bankman-Fried’s aunt, Broward Democrat lobbyist Barbara Miller was the driving force behind the FTX Hackathon. A Broward government source said Miller was pushing Broward County government to expand ties with FTX.

“We launched our first pilot partnership and focus groups in South Florida in partnership with OIC of South Florida and Broward county government, with focus group sessions in order to better learn about the challenges facing the unbanked in detail,” FTX told the U.S. Treasury.

Did the FTX/OIC partnership go beyond the focus group stage?

FTX funded the August 2022 OIC “Middle Class Summit.” How much did FTX pay for sponsorship? Did FTX pay other amounts to FTX?

FTX told the U.S. Treasury its plans for Chicago included a $1 million dollar contribution by the FTX Foundation which would be disbursed as $500 payments to 100 individuals for 12 months. Did FTX have similar plans for Broward?

Sam Bankman-Fried, Joe Bankman and Barbara Miller.

Sam Bankman-Fried Told Congress About Partnership With OIC And Broward County Government

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Sam Bankman-Fried testified before Congress in May 2022.
Sam Bankman-Fried singled out Broward County in his Congressional testimony.

On May 12, 2022 in testimony before the U.S. House Committee on Agriculture, FTX Founder Sam Bankman-Fried gave details about a partnership with OIC South Florida and Broward County government. Bankman-Fried told Congress he wanted to help “unbanked” citizens, people without a bank account. FTX would provide these people with “crypto wallets” backed by the now-bankrupt cryptocurrency exchange.

“Our bank the unbanked program offers those cut out of the financial system a free bank account and debit card linked to a crypto wallet. There are no fees, and no minimum balances. Transferring funds is virtually free and instantaneous and can be accessed on a phone. They can use it to receive money, make payments and build savings. There are no fees and no minimum balance,” Bankman-Fried said.

Thanks to the ties of his aunt, Barbara Miller, Bankman-Fried was able to recruit Broward government entities into his crypto wallet scheme.

“We began our program in South Florida in partnership with OIC of South Florida and Broward county government, and have recently announced a new million dollar program with the City of Chicago, and look forward to expanding to many other cities and communities across the country,” Bankman-Fried said.

Broward and Chicago in the same breath, how cute.

Three months later, OIC hosted a “Middle Class Summit” sponsored by FTX. It featured numerous elected officials and business leaders from across south Florida. Bankman-Fried’s father, Joe Bankman was one of the featured speakers.

Bankman and his sister Barbara Miller were the driving forces behind the FTX Hackathon and Crypto Summit which targeted students from Broward schools.

Why was FTX so eager to gain a foothold in Broward government?

Sam Bankman-Fried, Joe Bankman and Barbara Miller.