FTX-backed charity returns $27m following Bankman-Fried’s fraud revelation
A British charity has agreed to repay millions of dollars it received from FTX, condemning fraud underlying Sam Bankman-Fried’s conviction. Effective Ventures, a British charity, has entered an agreement to reimburse $26.8 million to the FTX bankruptcy estate, condemning the fraud linked to Sam Bankman-Fried‘s conviction, according to a report from Civil Society. The non-profit supporting effective altruism will settle with the defunct crypto exchange, repaying millions in donations received from FTX. A spokesperson for Effective Ventures says the amount is “equal to the entire amount which EV UK received from FTX and the FTX Foundation during 2022,” highlighting that EV’s projects can now fundraise with confidence, avoiding the use of donations to cover the settlement. “This means that EV’s projects can continue to fundraise with confidence that donations won’t be used to cover the cost of this settlement. We strongly condemn fraud...