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The philanthropic effort created by troubled crypto exchange FTX has described it as sunset operations and told the community that its members were “shocked and incredibly saddened” by the events happening around the trading platform.
While FTX was at one point valued at $32 billion, the crypto exchange leaders spent significant amounts of money donating to various causes. For example, FTX CEO Sam Bankman-Fried (SBF) donated a lot of money to Democratic super PACs and US President Joe Biden. SBF’s mother, Barbara Fried, co-founded the political fundraising organization Mind the Gap. His mother also co-founded the get-out-the-vote (GOTV) organization Center for Voter Information.
SBF claimed to be about altruism, in fact he and his inner circle of ten who live in an apartment in the Bahamas are allegedly followers of “effective altruism”. “For many of my friends, their answer is to do incredibly good things for the world just by working — choosing which organizations to work with and directly impacting important things,” SBF told Forbes in an interview earlier this year.
FTX started an altruism fund and created a team called the FTX Foundation to spread grants for philanthropic efforts. However, on November 10, 2022, leaders of the FTX Foundation said they were closing up shop, dismayed by FTX’s failure.
“We were shocked and incredibly saddened to learn of the recent events at FTX,” the FTX Foundation wrote. “Our hearts go out to the thousands of FTX customers whose finances may have been jeopardized or destroyed.”
The leaders of the FTX Foundation added:
We are now unable to carry out our work or process grants, and we have fundamental questions about the legitimacy and integrity of the business operations that funded the FTX Foundation and the Future Fund. As a result, we resigned earlier today.
Following the closure of the FTX Foundation, the following day, FTX parent company West Realm Shires Services, Alameda Research and approximately 130 other affiliates filed for Chapter 11 bankruptcy protection in Delaware.
What do you think about the FTX Foundation ending its philanthropic efforts after the collapse of FTX? Let us know what you think about this topic in the comments section below.
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