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Sam Bankman-Fried's charitable donations sought by FTX: report

Published on

January 7, 2023
Read Time:2 Minute, 34 Second

FTX's new administration is making an attempt to recoup hundreds of thousands of {dollars} in donations from the crypto trade and its former CEO, Sam Bankman-Fried. reports The Wall Avenue Journal.

On the finish of September, FTX's charity arm, Future Fund, had dedicated greater than $160 million to over 110 nonprofits, together with biotech startups and college researchers creating Covid-19 vaccines and dealing on pandemic research, in addition to nonprofits in India. China and Brazil.

In accordance with the report, Future Fund has pledged $3.6 million to AVECRIS, an organization engaged on a genetic vaccine platform, and one other $5 million has been pledged to Atlas Fellowship for scholarships and highschool summer time applications in San Francisco donated.

A spokesman for Bankman-Fried mentioned charitable donations could be produced from buying and selling income moderately than from buyer deposits.

The charity arm was introduced in February 2022 and plans to boost over $100 million and attain as much as $1 billion in donations in its first yr.

1/ We're happy to announce the FTX Basis Future Fund. We fund and spend money on formidable initiatives to enhance humanity's long-term prospects.

We plan to wager over $100 million this yr, and probably way more (as much as $1 billion in precept).https://t.co/kIWdm48LZ4

— Future Fund (@ftxfuturefund) February 28, 2022

Donations have been held regardless of the autumn in crypto costs. On September 23, Future Fund's Twitter profile introduced "a good portion" of the capital to be devoted to analysis and initiatives engaged on synthetic normal intelligence (AGI) danger administration, with costs as much as 1.5 Thousands and thousands of {dollars}, in addition to 1000's of {dollars} in rewards for many who "finest criticize our views on the way forward for synthetic intelligence".

Associated: Firms and traders might need to repay billions of funds paid by FTX

We make huge bets - a good portion of our capital - on AGI xrisk. However we expect it is actually attainable that we're mistaken!

Immediately we're asserting prizes starting from $15,000 to $1.5 million to alter the way in which we (or Superforecasters) take into consideration AGI. Take part till December twenty third!https://t.co/ZBG0nFnW8E pic.twitter.com/Xd6M645h3s

— Future Fund (@ftxfuturefund) September 23, 2022

FTX's donations to political events and candidates are additionally underneath investigation by United States Attorneys. Bankman-Fried was the second-largest "CEO contributor" to Joe Biden's 2020 presidential marketing campaign, with donations of $5.2 million.

Clawback laws may drive corporations and traders to repay billions of {dollars} paid within the months main as much as the crypto trade collapse, Cointelegraph reported. FTX's new administration says that "quite a lot of recipients of contributions or different funds" have approached the corporate to return the funds.

On Jan. 4, Bankman-Fried pleaded not responsible to all legal costs he faces associated to the crypto trade collapse, together with wire fraud, securities fraud, and marketing campaign finance violations. He has been underneath home arrest at his dad and mom' house in California since December 22.



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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : January 7, 2023
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