PHOENIX, AZ – The Democratic winner of the recent Arizona gubernatorial election, Katie Hobbs, has ties to a political action committee (PAC) funded primarily by billionaire Samuel Bankman-Fried, whose FTX cryptocurrency exchange recently filed for bankruptcy amid controversy over allegations of mishandled customer funds.
Protect Our Future PAC, a political committee that supports Democratic candidates whom are believed to support the prevention of pandemics, had reportedly received $27 million from Bankman-Fried, which was then sent to a Phoenix-based PAC whose treasurer, Dacey Montoya, was a noted supporter of Hobbes – via his Elect Katie Hobbs PAC – in her bid for the Arizona Governor’s mansion against GOP rival Kari Lake.
Hobbs, who has served as Secretary of State of Arizona since January 2019, made headlines throughout her run for steadfastly refusing to debate with Lake in a public forum; she eventually would go on to win a tight race with 50.3 percent of the vote, as opposed to Lake’s 49.7 percent.
Prior to FTX’s bankruptcy, the crypto firm had spent millions on backing Democratic candidates, having spent approximately $40 million on the cause in the last several years.
Following the FTX-backed $27 million donation to the Phoenix-based PAC in question, Protect Our Future PAC then donated an additional $134,500 in several payments made between February and July of this year to Montoya’s consulting firm, The Money Wheel.
In addition, The Money Wheel also received $114,500 from Katie Hobbs’ campaign and $372,427 from Mark Kelly’s campaign, a Democrat who successfully ran for reelection in Arizona’s senate race; throughout their respective campaigns, Montoya was supportive of both Hobbes and Kelly on Twitter and other public forums.
Other political candidates that Protect Our Future PAC backed during the midterm elections include Rep. Jasmine Crockett (D-TX), State Senator Valerie Foushee (D-NC), State Senator Morgan McGarvey (D-KY), Rep. Shontel Black (D-OH), Rep. Lucy McBath (D-GA).
The extensive contributions to these campaigns have lead to questions as to the intentions of Bankman-Fried, who is spending millions that often can’t be completely traced to their final destinations.
There also remains the motivation of Montoya, who has chaired several different Democratic PACs in recent years – including the aforementioned Elect Katie Hobbes PAC – and whose Money Wheel shares a business address with Protect Our Future PAC. In addition, Montoya’s other current PAC, Opportunity For Tomorrow, recently contributed nearly $195,000 to Protect Our Future, further muddying the waters.
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