Wes Streeting ‘absolutely confident’ he took no money from US 'Crypto King' fraudster
The defence secretary has been accused of taking money from a US crypto entrepreneur who is serving a 25-year prison sentence for a billion-dollar fraud
The defence secretary has been accused of taking money from a US crypto entrepreneur who is serving a 25-year prison sentence for a billion-dollar fraud.
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Wes Streeting has denied taking money from a crypto entrepreneur who is serving a 25-year prison sentence for a billion-dollar fraud. The Defence Secretary said he is “absolutely confident” money he received while he was in opposition did not come from Sam Bankman-Fried.He also said he had “never met the guy” and added his office “did due diligence”, looking at the origin of money flowing into it.A US court sentenced Bankman-Fried, known as the 'Crypto King' to 25 years in prison in 2024, following the collapse of his company FTX.After cryptocurrency prices tumbled in 2022, he was accused of stealing around 10 billion US dollars (then around £8.2 billion) from his customers and investors before his own companies collapsed.Read more: Parties charging up to £3,000 for deluxe conference tickets with 'champagne breakfasts'Read more: SNP writes off £100,000 motorhome bought by jailed ex-boss Peter Murrell but party still owes him £60,000
Sam Bankman-Fried was sentenced to 25 years in prison in 2024, following the collapse of his company FTX.
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Prosecutors at the time said he spent the money on investments, real estate, promotions for his cryptocurrency exchange and political contributions.An investigation by The Telegraph has found a potential link between Bankman-Fried’s money and Mr Streeting’s office.The American gave a 610,000 dollar (almost £500,000) gift to David Lawrence on June 30 2022, who had founded a group called Labour for the Long Term, according to the newspaper.On August 22 2022, Labour for the Long Term began funding a policy adviser role for Mr Streeting’s office “at a cost of £2,500 a month, total value £30,000”.Asked about the money on Friday, Mr Streeting said: “I’m confident that I’ve received no money from Sam Bankman-Fried.“I’ve never met the guy. I’ve never spoken to him.
“When Labour for the Long Term, which is a Labour supporting group, were willing to donate to support staffing in my office when I was a shadow minister, we did due diligence, not just on the organisation but asked the organisation to provide us a list of the donors who were donating to support that work.“Those donors did not include Sam Bankman-Fried and, in fact, the only donor that did have a connection to Sam Bankman-Fried has since confirmed that the money he donated was his own money, not Sam Bankman-Fried.“So, I’m absolutely confident that I’ve received no money from Sam Bankman-Fried.”Mr Lawrence reportedly told The Telegraph that Labour for the Long Term was funded by “a range of donors (all UK-based) and declarations were made in accordance with Electoral Commission requirements”.He added the organisation “did not receive any donations from the FTX Foundation or Mr Bankman-Fried”.He said he donated Bankman-Fried’s money to UK-based charities that work on disaster relief, prevention of cruelty to animals, and child poverty.
