Patrick Gruhn, CEO of Perpetuals.com, stands outside his company’s office in La Pine. The company uses AI for financial and cryptocurrency market applications. Earlier this month, Gruhn donated $20,000 to Tony DeBone’s reelection campaign for Deschutes County Commissioner. Gruhn, a tech tycoon and lawyer operating an international cryptocurrency trading business out of La Pine, has drawn attention since moving to the town of about 4,000 residents.
In a Feb. 16 newsletter, DeBone’s opponent, Jamie Collins, labeled Gruhn as a “Trump crypto megamillionaire.” In 2021, Gruhn and a partner sold their tokenized stock-trading company to FTX, then one of the world’s largest cryptocurrency exchanges, and Gruhn became head of FTX Europe. After FTX collapsed in 2022, founder Sam Bankman-Fried was sentenced to 25 years in prison and ordered to pay $11 billion in forfeiture for allegedly orchestrating fraudulent schemes. Following the collapse, FTX sued Gruhn and another founder for $323 million, claiming FTX had massively overpaid for Gruhn’s company; through a settlement, Gruhn and his partner agreed to buy back their company for $32 million.
Gruhn has said FTX Europe was “completely separated” from the larger, scandal-ridden company and noted he was never questioned as a witness in the Bankman-Fried case. He is building a new stock trading company with headquarters in La Pine and has recently bought two office buildings there. Gruhn said he donated because DeBone is “a guy who takes a reasonable approach and is just trying to really serve the people,” and he has a green card, which exempts him from federal law prohibiting foreign nationals from donating to politicians. So far, Gruhn’s donation is nearly half of the $50,000 DeBone’s campaign has raised, reflecting the growing influence of crypto money in local elections.
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