🚨 JUST IN —
The entire team behind the FTX Future Fund, the Sam Bankman-Fried philanthropy, has resigned.
A holy-shit moment in the world of effective altruism.
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"We are now unable to perform our work or process grants, and we have fundamental questions about the legitimacy and integrity of the business operations that were funding the FTX Foundation and the Future Fund. As a result, we resigned earlier today."
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"To the extent that the leadership of FTX may have engaged in deception or dishonesty, we condemn that behavior in the strongest possible terms. We believe that being a good actor in the world means striving to act with honesty and integrity."
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"We are devastated to say that it looks likely that there are many committed grants that the Future Fund will be unable to honor. We are so sorry that it has come to this."
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More on the future of Sam Bankman-Fried's empire, coming soon at this link.
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Seriously can we not call people "effective altruists" before they've done any good?
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I thought FTX was started just 3 years ago, 2019? How does a 20 something yr old get that wealthy, form Foundation(s) and Fund(s) here and abroad? Processing grants, really? All in 3 years? How is possible.
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There’s a ton of wealth on this planet. And crypto alone is almost 900 Billion!
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Doesn't seem like it was very altruistic to tie this work to something known to be both volatile re its value and rife with scans and questionable business practices. I am sorry for the people and organizations doing good work who will lose out, but this was always ill advised
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Maybe I’m missing something - they just knew SBF was rolling in cash and willing to fund their ‘good.’ They didn’t do some due diligence deep dive. Esp since he was the darling of the press.
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