Effective Ventures UK, a charity that received a substantial donation of $26.8 million in cryptocurrency from the exchange FTX, decided to close its doors by the year 2025.
The charity, which was founded on the premises of effective altruism, spent its resources on initiatives aimed at addressing global needs.
Sam Bankman-Fried, the founder of FTX and a supporter of effective altruism, donated generously to the charity before his exchange went bankrupt.
Effective Ventures had agreed to refund $26,801,000 to settle the dispute. Bankman-Fried was recently given a 25-year prison sentence.
In addition, an old English manor house worth a £17 million grant will be sold to generate extra funds. The entire net income will be used to fund another community-based initiative.
The investigations by the UK’s Charity Commission are ongoing, and Effective Ventures is convinced that it did not have any knowledge of what might have gone wrong at FTX.
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