RALEIGH, N.C. (WNCN) — A candidate who lost her bid for a seat in the U.S. House of Representatives is publicly questioning the sources of the outside money that poured into her race.

But just how accurate is the speculation that Republican Sandy Smith brought up on social media?

THE CLAIM: Smith posted to Twitter an eight-minute, 25-second clip of a story from Fox News that attempted to link Democrats, Ukraine and the collapsing crypto company FTX. Her post says it “explains where the millions the Dems poured into NC against me came from” and included hashtags “FTXScam” and “Investigate FTX.”

THE FACTS: It is true that more than $5.6 million in outside money was spent to oppose Smith in her 1st Congressional district race to Democrat Don Davis.

But there’s no evidence any of it came from FTX, founder and former CEO Sam Bankman-Fried or his hybrid PAC, according to publicly available campaign finance reports.

Asher Hildebrand, a former chief of staff for retiring Democratic U.S. Rep Richard Price and an associate professor of the practice at Duke University’s Sanford School of Public Policy called it “an easily disprovable statement.”

“There’s no record of him investing in the 1st District,” Hildebrand said. “And so, any allegations to the contrary strike me as nothing more than than sour grapes from someone who’s lost an election.”

Smith — a Donald Trump acolyte who lost to Davis by five points, according to unofficial state Board of Elections results — did not return two emails sent to her campaign account over the past week asking for an interview to further explain her Twitter post.

“Honestly, (the post) undermines confidence in our elections and our democratic system,” said Steven Greene, a political science professor at North Carolina State University. “And that’s not great.”

Bankman-Fried was the second-largest donor to Democrats in 2022, mostly through Protect Our Future, which is a hybrid of a PAC and a Super PAC, according to OpenSecrets, the nonprofit, nonpartisan group that tracks political spending.

A total of $27 million of that organization’s $28.5 million came from Bankman-Fried.

But those documents don’t show even a single penny of that trickling into this race.

The biggest outside spender in the state’s 1st Congressional district race was the Democratic Congressional Campaign Committee, the Hill committee that works to elect Democrats to the House.

It spent $2.25 million in ads opposing Smith, according to OpenSecrets, the nonprofit, nonpartisan group that tracks political spending.

But where did THAT money come from?

It’s largest donor is the election committee for U.S. Rep. Nancy Pelosi, (D-California). Neither Bankman-Fried nor Protect Our Future appears on its list of donors.

The United Democracy Project spent $2.1 million in support of Davis, and did not spend any money in opposition of Smith or any Republican.

Its largest donor is AIPAC — the American Israel Public Affairs Committee, a pro-Israel lobbying organization. It gave $8.5 million to the PAC in January.

As for Bankman-Fried and Protect Our Future, a spokesman told CBS 17 in May for a previous fact check that the PAC supports candidates who will “be champions for pandemic prevention in Congress.”

It spent $24 million on federal elections in 2022, and the biggest chunk of that was $10 million on a single Congressional primary in Oregon.

The PAC did dump $1 million into one in North Carolina — the Democratic primary in the 4th district.

It spent a little over $1 million in support of Val Foushee in a crowded primary race that also included American Idol runner-up Clay Aiken. She went on to win the general election comfortably, unofficially receiving about twice as many votes as Republican Courtney Geels did.

In another tweet thanking her supporters, Smith said that “I’m certain had we had more funding from outside groups, we would have won. We were outspent 20-1.”

Those numbers were a little off — the ratio was more than seven to one, according to spending figures from OpenSecrets. Just under $10 million was spent either for Davis or against Smith, as opposed to $1.3 million spent for Smith or against Davis.