FTX Foundation Shutters Effective Altruism Fund as Key Execs Resign

InfoNesia.xyz – Crypto industry charity the FTX Foundation has said its flagship charitable fund, the FTX Future Fund, is now unable to “perform its work or process grants” following the collapse of its main beneficiary.

A memo posted on the Effective Altruism Forum, cast doubt on the viability of many of its current projects, saying, “there are many committed grants that the Future Fund will be unable to honor.”

The FTX Foundation claims to have been influenced by an ideology dubbed Effective Altruism, a social and philosophical movement where objective evidence is used to determine how best to use charitable resources, taking factors such as cause prioritization and cost-effectiveness into account. Sam Bankman-Fried, FTX’s founder and CEO, and FTX Foundation board member and co-CEO of Alameda Research Caroline Ellison claim to have been exposed to these ideas in their early 20s.

Crypto and Effective Altruism: Sam Bankman-Fried Interviews Peter Singer at Camp Ethereal

FTX CEO Sam Bankman-Fried sits down for a conversation with one of his heroes, the moral philosopher and Princeton University professor Peter Singer, exclusively for Camp Ethereal 2022, powered by Decrypt. They talk animal rights, climate change, effective giving, Bitcoin’s energy use, and how crypto is helping Ukraine.

The executive team, which has now fully resigned from the FTX Foundation, said: “To the extent that the leadership of FTX may have engaged in deception or dishonesty, we condemn that behavior in the strongest possible terms.”

The FTX exchange is currently undergoing one of crypto’s most serious crises.

What began on Sunday with Binance chief Changpeng Zhao announcing his firm would be selling off holdings of FTX’s exchange token has now evolved into the near-collapse of FTX after it became clear that the crypto exchange may be insolvent.