New York Times: The FTX Foundation itself had little to no oversight

2022/11/14 01:44

According to The New York Times, in short order, the extraordinary collapse of the cryptocurrency exchange FTX has vaporized billions of dollars of customer deposits, prompted investigations by law enforcement and destroyed the fortune and reputation of the company’s founder and chief executive, Sam Bankman-Fried. It has also dealt a significant blow to the corner of philanthropy known as effective altruism. Tthere are many committed grants that the FTX Future Fund will be unable to honor. ProPublica the remaining two-thirds of a $5 million grant were on hold. The FTX Foundation itself had little to no oversight beyond Mr. Bankman-Fried’s close coterie of collaborators. According to its website, the board of the FTX Foundation comprised Caroline Ellison, the head of Alameda Research, the hedge fund Mr. Bankman-Fried founded; Gary Wang, the chief technology officer of FTX; and Nishad Singh, director of engineering at FTX.

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