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FTX Foundation closes amid fallout from bankrupt exchange

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FTX Foundation closes amid fallout from bankrupt exchange

Coingabbar

By Coingabbar

Created 2 months ago, last updated 2 months ago
2 mins read
FTX Foundation closes amid fallout from bankrupt exchange

Table of Contents

  • The FTX Collapse Undermines Sam Bankman's Plans to "Do Unbelievably Good Things," Shaking Altruistic Efforts
  • The charity founded by the bankrupt cryptocurrency exchange FTX has provided details on its closing and said the community was "shocked and extremely grieved" by the events.

FTX amid Bankruptcy

The charitable organisation founded by the bankrupt cryptocurrency exchange FTX has provided details on its closing operations and stated that the community was "shocked and extremely grieved" by the turn of events around the trading platform.

Sam Bankman-Plans to 'Do Unbelievably Good Things' Undercut by the FTX Collapse, Altruistic Efforts Are Undercut Shaken

Although FTX was once valued at $32 billion, the executives of the cryptocurrency exchange donated a sizable sum of money to numerous charities. Sam Bankman-Fried (SBF), the CEO of FTX, contributed a sizable sum of money to Democratic super PACs and Vice President Joe Biden, for example. Barbara Fried, SBF's mother, is a co-founder of the political fundraising group Mind the Gap. The Center for Voter Information, a get-out-the-vote (GOTV) organisation, was also co-founded by his mother.

Although SBF claimed to be about altruism, he and his inner circle of ten people, who reside in a property in the Bahamas, are purportedly advocates of "effective altruism." In an interview with Forbes earlier this year, SBF said, "For many of my friends, their answer is to do tremendously good things for the world just by working — choosing which organisations to work with and personally affecting critical things.

In order to provide funds to charitable endeavours, FTX established an altruism fund and a group it calls the FTX Foundation. However, on November 10, 2022, FTX Foundation leaders announced that the organisation was closing its doors. They were shocked by FTX's failure.

The recent occurrences at FTX "shocked and deeply saddened us," the FTX Foundation remarked. "The thousands of FTX clients whose finances may have been in danger or ruined have our deepest sympathies.

The FTX Foundation executives said, "We are currently unable to carry out our work or handle grants, and we have serious concerns regarding the legitimacy and integrity of the commercial operations that were supporting the FTX Foundation and the Future Fund." We decided to resign earlier today as a result.

After the closure of the FTX Foundation, West Realm Shires Services, Alameda Research, and about 130 other associated entities filed for Chapter 11 bankruptcy protection in Delaware the following day.

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