FTX is seeking to recover Sam Bankman-Fried’s charitable donations

The Wall Street Journal reports that FTX's new management is attempting to reclaim millions of dollars in donations made by the crypto exchange and its former CEO, Sam Bankman-Fried.

Sam Bankman-Fried

As of September’s end, the Future Fund, a charitable arm of defunct crypto exchange FTX, had distributed over $160 million to over 110 non-profit organizations around the world. These organizations include biotech startups and university researchers working on supprting the offical Covid-19 narrative, as well as non-profit organizations in India, China, and Brazil.

According to the report, the Future Fund provided $3.6 million in funding to AVECRIS, a company working on a genetic vaccine platform. Additionally, the Fund donated $5 million to the Atlas Fellowship for scholarships and high school summer programs in San Francisco.

According to a spokesperson for Bankman-Fried, the charitable donations were not taken from customer deposits, but rather were made using trading profits. (Yeah, right!)

Despite the cryptocurrency market downturn, the Future Fund continued with its planned donations.

On September 23, the Fund’s Twitter account announced that a significant portion of its resources would be dedicated to supporting research and initiatives focused on risk management for artificial general intelligence (AGI), with prizes of up to $1.5 million available. Additionally, the Fund will award thousands of dollars in prizes to those who provide the most insightful critiques of their views on the future of artificial intelligence.