FTX helped with a cryptocurrency fundraising site, but there’s no connection to U.S. aid to Ukraine

FTX, a leading cryptocurrency exchange, announced on Nov. 11 it had filed for bankruptcy. Sam Bankman-Fried resigned as the company's CEO. He is a large donor to Democrats, but has also given to Republicans. FTX partnered with a fundraising site called Aid for Ukraine, where people can donate cryptocurrency to help the country's war effort. FTX's role in the project was to facilitate the conversion of cryptocurrency into regular currency. There's no evidence that U.S. aid money sent to Ukraine was then used to invest in FTX. Most U.S. aid doesn't go directly to the Ukrainian government, but rather through third parties like contractors or humanitarian groups. Our ruling An Instagram post claimed that U.S. aid money sent to Ukraine is being funneled back in the form of campaign contributions to Democrats through the now-bankrupt cryptocurrency exchange FTX. FTX's former CEO was a large donor to Democrats, but has also given to Republicans. The company's connection to Ukraine was partnering with a fundraising site called Aid to Ukraine that allows people to donate cryptocurrency for the country's war effort. That money was then transferred to the Ukrainian government, not the other way around. There is no evidence to support the claim. We rate this False. Update, Nov. 16, 2022: This story was updated to include statements from the U.S. State Department, the United States Agency for International Development and Ukraine's Ministry of Digital Transformation that were received after publication. It also clarifies the job title for Alex Bornyakov. The rating is unchanged.