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FTX bankruptcy also endangers founder's philanthropic gifts

Philanthropy FTX
Posted at 11:00 AM, Nov 14, 2022

NEW YORK (AP) — The rapid collapse of cryptocurrency exchange FTX into bankruptcy last week has also shaken the world of philanthropy, due to the donations and influence of FTX founder Sam Bankman-Fried in the “effective altruism” movement.

The FTX Foundation and other related nonprofits says it has donated $190 million to numerous causes.

Earlier this year, the foundation’s Future Fund announced plans to donate an additional $100 million, with hopes of donating up to $1 billion in 2022. Because of the bankruptcy, that won’t be happening now.

And donations to numerous nonprofits, even those, like the investigative journalism nonprofit ProPublica, that have already received some of their money, are now in doubt.