Former FTX Director’s Charity Is Reportedly Earning $150 Million Thanks to FTT

The former FTX executive is reported to have donated the FTT tokens he received at an extremely low price then sold them after opening trading for 1 USD.

Former FTX Director's Charity Is Reportedly Earning $150 Million Thanks to FTT
Former FTX Director’s Charity Is Reportedly Earning $150 Million Thanks to FTT

Polaris Ventures, a charity founded by former FTX and Alameda Research head Ruairi Donnelly, reportedly wants to access the roughly $150 million made in profits on employee token prices at the now-sold exchange. fall.

According to the February 14 report of Wall Street JournalMr. Ruairi Donnelly received about 562,000 USD in salary during his time working at FTX, this amount has been converted into FTT at an exchange rate of about 0.05 USD/FTT. The former executive is said to have donated these tokens to Polaris Ventures, selling them in 2019 and 2020 after open public trading for $1 and making millions.

FTX filed for Chapter 11 bankruptcy in November 2022. At that time, many wallets and coins associated with the exchange were confiscated by the authorities or frozen for legal proceedings. Mr. Ruairi Donnelly is said to be looking to withdraw $ 150 million in the context of the public closely monitoring FTX and Alameda Research as well as their former CEOs.

Donnely’s legal team says the charity’s FTT tokens are not FTX funds and do not appear to be subject to claims from other parties.

However, individuals and organizations involved in the exchange’s debts said on December 19, 2022 that they would arrange to return the donations to charities or campaigns. political action and propose legal action to receive profitable payments if any of the funds decline. The exchange itself has also proceeded to ask politicians to return donations and sell cars and office equipment to get more money to pay off debts.

In the context that FTX bankruptcy proceedings in the US are still quite complicated, a number of regulatory agencies have announced investigations of charities. The Charity Commission for England and Wales said in January 2022 that it had launched an investigation into Effective Ventures as FTX was a key backer of the fund.

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