The collapse of crypto exchange FTX and its grant-making body, the FTX Future Fund, has left some researchers at top universities without the funds they were promised and others trying to repay grants before they could be ordered to.
Launched in February 2022, the FTX Future Fund was part of the FTX Foundation, the philanthropic arm of Sam Bankman-Fried's crypto empire which fell apart last year, in what U.S. prosecutors called anFederal prosecutors in Manhattan have accused the FTX founder of stealing billions of dollars in customer funds to plug losses at his hedge fund, Alameda Research. He denies wrongdoing.
Beckstead, Aschenbrenner, Ramakrishnan and MacAskill did not respond to multiple attempts to contact them via LinkedIn, Twitter and email for this article. Balwit declined to comment. The FTX Future Fund supported research into topics that "improve humanity's long-term prospects" and was funded primarily by Bankman-Fried, according to a profile of its activities published on Twitter. It aimed to spend between $100 million and $1 billion in its first year, it said, without disclosing its endowment.The fund had spent $132 million across 262 grants and investments as of June 2022, according to archived snapshots of its now-deleted website.
The grant hadn't been paid by November but Kettnaker expected it to arrive in time for his first end-of-term bill., he did not realise at first that it would affect his funding, he told Reuters. Under U.S. bankruptcy law, payments made within 90 days of a Chapter 11 bankruptcy filing could be subject to a "clawback order", meaning researchers could be asked to hand back grants.
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