New York Primary Targeted by Tech-Backed PAC Over FTX Ties

New York's 12th Congressional District is in for an intense primary battle as voters grapple with accusations that Democratic candidate Alex Bores has benefited from the failed crypto exchange FTX. A political action committee, Think Big PAC, has launched a scathing campaign against Bores, alleging he received over $100,000 in support from Sam Bankman-Fried (SBF), who was at the helm of FTX until its collapse.

The mailer distributed by Think Big PAC is part of an ongoing effort to discredit Bores and potentially sway voters. The group’s spokesperson told CoinDesk that they are backing candidates aligned with pro-technology policies, while opposing those seen as hostile to innovation in artificial intelligence (AI). In this context, the allegations against Bores appear particularly pointed.

Bores’ Campaign Financing Under Scrutiny

The attack on Bores comes at a critical juncture for his campaign. He is one of several prominent Democratic contenders vying to succeed Rep. Jerry Nadler in Manhattan’s deep-blue district, which has drawn significant attention from both local and national political observers.

Bores’ connection with SBF was confirmed through state elections filings by Think Big PAC. The group argues that Bores should acknowledge the role FTX played in his campaign funding but refuses to do so publicly. "For someone who’s railed against deep fake AI, candidate Bores doesn’t seem to have trouble creating his own reality," said a spokesperson for Think Big PAC.

Bores has been vocal about his opposition to unethical uses of technology and artificial intelligence, making the allegations particularly damaging from both a political and personal standpoint. His recent comments on the subject highlight the irony in facing accusations that he benefited from FTX’s controversial practices.

A Race for Attention

The primary race is shaping up as one of the most closely watched contests in 2026, with several well-connected figures vying for support. Jack Schlossberg, a member of the Kennedy family and a former tech executive, has entered the fray alongside George Conway, known for his work on AI policy.

Bores’ campaign is now under pressure to address these allegations head-on. His first-term assemblymember status in Manhattan’s 12th district gives him significant local support but also makes him more vulnerable to such attacks from a PAC with deep pockets and tech industry backing.

The Broader Context

Think Big PAC's actions reflect the broader political landscape where technology and crypto companies wield considerable influence. The group’s strategy of targeting candidates who have received funding from controversial figures highlights how financial ties can become politicized issues in a post-FTX world.

As New York voters prepare to cast their ballots, they will need to weigh not only Bores’ political positions but also his relationship with SBF and the broader implications for tech policy. The race is likely to be shaped by these dynamics as well as the ongoing scrutiny of FTX’s legacy in the crypto industry.