When Breitbart News, the insurgent populist website run by Steve Bannon and funded by billionaires Robert and Rebekah Mercer, learns that a liberal-leaning figure has benefitted from offshore tax havens, it inevitably goes on the attack. The site lambasted the Southern Poverty Law Center for “stashing cash overseas,” and Clinton Cash author Peter Schweizer’s central criticism of the Clinton family’s foundation is that it relies on foreign investors and offshore bank accounts. But the publication of the Paradise Papers over the weekend revealed that Breitbart itself is largely funded by up to $60 million that, thanks to the Mercers’ use of an offshore investment vehicle in Bermuda, is not taxed in the U.S.

According to The Guardian, Bob Mercer—the billionaire hedge-fund manager and Trump supporter who until recently held a majority stake in Breitbart (he announced last week that he would transfer that stake to his children)—created a network of offshore accounts in Bermuda to fund the Mercer Family Foundation, which dumps money into conservative causes. The foundation reportedly draws its money from “feeder funds”—offshoots of the main hedge fund Renaissance Technologies—registered to Bermuda law firm Appleby. (A similar system was set up to manage the retirement accounts of Renaissance employees.) The Mercers then sold off their Bermuda investments to finance the foundation, avoiding the up-to-39-percent U.S. tax rate normally levied on nonprofits funded by investments financed through debt. “This is simple, but ingenious,” an investment adviser told the Guardian. “You take retirement plans or foundations, you invest them in a hedge fund, and even if the value rises 100 percent, you can sell off the investments with no tax consequences.”

Over the years, the Mercer Family Foundation’s activities have come to rival those of the Koch brothers; the organization has poured money into conservative think tanks, political campaigns, and, more recently, media and cultural ventures like Breitbart and Milo Inc. (In a public statement last week, Mercer severed ties with Milo Yiannopoulos, citing recent reports about his links to white nationalists.) Bannon, already a multi-millionaire thanks to his stake in Seinfeld, made even more money from his work with Mercer-funded organizations:

From 2013 to 2015, the Mercer foundation gave $4.7m to Bannon’s Government Accountability Institute—more than half its total funding in that time . . . Bannon founded G.A.I. in Florida in 2012 with Peter Schweizer, the conservative author of Clinton Cash. Since then, the G.A.I. has paid Bannon $379,000 and Schweizer $781,000. Rebekah Mercer was a director of the group until 2014. It has continued assailing liberals since Trump’s victory and says exposing the “misuse of taxpayer monies” is central to its mission.

Mercer’s foundation also gave millions more to other groups that funded Bannon. It paid $3.8m to the nonprofit arm of Citizens United, best known for the deregulation of political spending it won in a 2010 Supreme Court ruling. Bannon has made films for Citizens United and between 2012 and 2013 was paid $450,000 in consulting fees by its nonprofit arm.

The Mercer foundation gave $1.2m to the Young America’s Foundation, another conservative nonprofit, which paid Bannon more than $577,000 between 2010 and 2012 for filmmaking services, according to filings.

Breitbart was all over the Panama Papers when that data trove of offshore bank accounts went public in 2016, highlighting the Clinton campaign’s connections to secret offshore funds. To date, the site has not published a single word about the Paradise Papers, even before the revelation of the Mercers’ accounts.