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Coinbase’s “Stand With Crypto” PAC claims to have raised $87 million, but their donations list totals up to only $1,176,900. They seem to be double-counting corporate contributions to super PACs to overstate how much their “community” supports this supposedly grassroots project.
The list trails off at donations of $44.67, so there could be additional smaller donations not shown on the page, but not more than $85 million’s worth.
The Stand With Crypto PAC was registered just days after the April quarterly filing deadline, so they have not yet had to file any receipts with the FEC.
If we remove the $1M donated by the MoonPay company, $15k from Gemini, and ~$12k from Coinbase CEO Brian Armstrong, that leaves... about $150,000 raised from the “million” people that supposedly signed up.
@molly0xfff They donated millions, most of it was needed to cover the gas fees.
@molly0xfff
Who knows, maybe crypto bros are throwing their entire life savings into this PAC. /j
@molly0xfff I like journalism like this. Please keep it up.
@molly0xfff ah "grassroots"
@molly0xfff But I don't understand. They're a financial company, how could they ever get misleading about the value of money or the amount of value they have in a particular account
@molly0xfff it's almost like they don't want to tell who might be propping them up
@molly0xfff Perhaps they've created a new PacCoin, traded a million of them for a buck apiece to each other, and then convinced a hungover gas station attendant to take one as payment for a package of Slim Jims and a gallon of unleaded. BAM! $87 million! Fintech!