Sam Bankman-Fried once promised to give away most of his fortune to help humanity, but now some of the people who benefited from that generous pledge are wondering if they may have to give the money back.
After peaking at an estimated $26.5 billion, Bankman-Fried’s fortune appears to be evaporating with the collapse of FTX, the crypto exchange he founded and where most of his wealth was tied up. FTX has filed for Chapter 11 bankruptcy and is now under investigation by the U.S. Department of Justice and Securities and Exchange Commission after a run on the exchange zapped roughly $6.8 billion from user accounts.
The group added, “We are devastated to say that it looks likely that there are many committed grants that the Future Fund will be unable to honor.” The FTX Foundation, which has been described as both a corporate philanthropy and a “philanthropic collective,” has reportedly given out some $190 million in donations. It’s funded mostly by Bankman-Fried and other senior FTX employees, according to its website. The foundation launched the FTX Future Fund this year, with plans of giving out between $100 million and $1 billion.
To be sure, FTX and Bankman-Fried haven’t been accused of fraud. The Justice Department did not respond immediately to a request for comment on whether its investigation includes Bankman-Fried’s philanthropies.
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