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FTX-backed charity returns $27m following Bankman-Fried’s fraud revelation

ftx-backed-charity-returns-27m-following-bankman-frieds-fraud-revelation
Edited by
News
FTX-backed charity returns $27m following Bankman-Fried’s fraud revelation

A British charity has agreed to repay millions of dollars it received from FTX, condemning fraud underlying Sam Bankman-Fried’s conviction.

Effective Ventures, a British charity, has entered an agreement to reimburse $26.8 million to the FTX bankruptcy estate, condemning the fraud linked to Sam Bankman-Fried‘s conviction, according to a report from Civil Society.

The non-profit supporting effective altruism will settle with the defunct crypto exchange, repaying millions in donations received from FTX. A spokesperson for Effective Ventures says the amount is “equal to the entire amount which EV UK received from FTX and the FTX Foundation during 2022,” highlighting that EV’s projects can now fundraise with confidence, avoiding the use of donations to cover the settlement.

“This means that EV’s projects can continue to fundraise with confidence that donations won’t be used to cover the cost of this settlement. We strongly condemn fraud and the actions underlying Sam Bankman-Fried’s conviction.”

Zachary Robinson, interim chief executive officer of EV US

Robinson condemned fraud and the actions leading to Bankman-Fried’s conviction. Civil Society noted that an investigation into the relationship between FTX and EV found no evidence that anyone at EV knew that FTX co-founder Sam Bankman-Fried had committed criminal fraud.

The FTX founder had contributed to financing the Oxford-based Centre for Effective Altruism, now Effective Ventures, serving in roles such as treasurer and board member at the center’s U.S. branch between 2013 and 2015. Sam Bankman-Fried has been convicted for his involvement in the downfall of the FTX crypto exchange after jurors reached a verdict, finding him guilty of seven counts of fraud and conspiracy.

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