FTX Bankruptcy Is Bad News For The Charities That Crypto Mogul Sam Bankman-Fried Generously Supported
FTX, an exchange for trading cryptocurrencies, quickly became bankrupt and defunct in November 2022. Its founder, Sam Bankman-Fried, is broke, and the 30-year-old former billionaire could be in serious legal trouble for his alleged financial improprieties. The Conversation asked Brian Mittendorf, an accounting scholar at The Ohio State University, to explain the significance of FTX’s implosion for philanthropy and the nonprofits Bankman-Fried supported.
What was the connection between FTX and philanthropy?
Though FTX was a cryptocurrency exchange, Bankman-Fried viewed it as something more: a vehicle to change the world through giving. Bankman-Fried often noted that his goal for his business was to make money in order to donate it to support a variety of social causes like global heal...