FTX Exchange Foundation’s Future Fund Team Dismissed

After condemning the exchange’s behaviour, the team behind FTX Future Fund, a project of the FTX Foundation, has now been dismissed.

The team noted in a post on Effective Altruism Forum,

“We were shocked and immensely saddened to learn of the recent events at FTX. 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.”

Funded primarily by Sam Bankman-Fried, the FTX Future Fund was launched in February 2022 to boost humanity’s long-term prospects. The project planned to distribute at least $100 million and up to $1 billion this year. 

According to the team, though they are still unclear about what happened, but they will follow up with the news as it unfolds. The team added condemning the behaviour of the exchange’s leadership:

‘’But 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.’’

At the end of the note, the team stated that there are many committed grants that the Future Fund will be unable to honour as they are no longer working on the project. Speaking of foundation, last month Luna Foundation Guard (LFG), an organization that supports the Terra ecosystem, revealed that its efforts toward compensating Terra holders remain futile due to the ongoing litigation.

“Our goal is to distribute LFG’s remaining assets to those impacted by the depeg, smallest holders first. Unfortunately, due to ongoing and threatened litigation, distribution is not possible at this time. While these matters are outstanding, there can be no timeline established for resolution,” LFG noted in a tweet.

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