A United Kingdom regulatory body is investigating the Effective Ventures Foundation, a charitable organization with links to ftx. Sam Bankman-Fried was a significant donor to the organization
Bankman-Fried, the disgraced boss of FTX, frequently made it to the headlines for his Robin Hood image, charity, and political donations. In . 2022, Bloomberg reported that SBF wants to give his fortune away. Not forgetting that he gave his fortune in November.
The Charity Commission, a charity regulator in England and Wales, announced that it had opened an inquiry on Effective Ventures.
For additional information: https://t. co/zjH1TdysYfpic.twitter.com/Qda9I0YwVP—
Charity Commission (@ChtyCommission) 30January 2023. More information: https://t. co/zjh1tdysyfpic.twitter.com/qda9i0ywvp—charity commission (@chtycommission) on January 30, 2023risk assets of actual companies as a result of ftx's bankruptcy, wales, the netherlands, the United States of America.
The charitable organization supports organizations that have an impact on the achievement of their goals. Source: actual riskThe charity's report states that ftx has contributed significantly to effective initiatives. The report of the Charity Commission indicates that FTX has made significant contributions to Effective Ventures.
However, the investigation made it possible to exonerate the charity's trustees from any wrongdoing at this time. "... the trustees have co-operated fully with the Commission." the purpose of the investigation is to examine the potential risks to the assets of an effective business and to ensure that the trustees perform their duties.
Howie Lempel, the Interim CEO at Effective Ventures, declared that they would continue cooperating with the inquiry. The relationship between trustees and donors will also be considered.
Howie Lempel, acting chief executive officer of Effective Ventures, said they would continue to cooperate in the investigation.
He says, "The trustees have carefully assessed the financial situation and the charity is not dependent on FTX funds for future activities." FTX also warned of possible legal actions against those recipients that do not voluntarily return the donations made by the former CEO.
Alignment Research Center, a nonprofit organization focused on machine learning, voluntarily returned $1.25 million to new FTX management. Centre for Research on Alignment, a non-profit organization focused on machine learning, voluntarily returned $1.25 million to new management ftx.
They think the "moral" money belongs to FTX clients, if not legally. Write to us or join the discussion on our Telegram channel. You can also catch us on FacebookTwitter