FTX's new management is seeking to recoup the millions donated by the Future Fund and SBF.
At the end of September, FTX’s philanthropic arm, the Future Fund, had donated more than $160 million to more than 110 nonprofits, including biotech startups and university researchers developing a Covid-19 vaccine, the Wall Street Journal reported. Engaged in pandemic research, in addition to non-profit organizations in India, China, and Brazil.
The Future Fund donated $3.6 million to AVECRIS, an organization working on a genetic vaccine platform, and another $5 million to Atlas Fellowship for scholarships and high school summer applications in San Francisco, the report said.
A Bankman-Fried spokesman said charitable donations do not come from buyer deposits, but from transaction revenue. Launched in February 2022, the charity plans to deploy more than $100 million in its first year and receive up to $1 billion in donations, according to the Wall Street Journal.
The report said FTX's contributions to political campaigns and candidates were also under investigation by U.S. prosecutors. Bankman-Fried is the second-largest "CEO donor" to Joe Biden's 2020 presidential campaign, with contributions of $5.2 million.
As Cointelegraph reported, the clawback clause could force companies and buyers to return billions of dollars paid in the months leading up to the cryptocurrency exchange’s collapse. FTX’s new administration reportedly said that “some recipients of donations or other payments” had contacted the company to return the funds.
