Crypto News

UK Authority Investigates Bankman-Fried Charity’s Activities

Sam Bankman-Fried

UK Charity Commission Investigates Effective Ventures Foundation Over Risks to Assets: The Charity Commission for England and Wales is investigating the Effective Ventures Foundation, a charity backed by Sam Bankman-Fried, founder of the now-bankrupt crypto exchange FTX.

The investigation will focus on the extent of the risk to the charity’s assets and whether the trustees are fulfilling their duties to protect them.

The charity reported FTX’s bankruptcy as a “serious incident” due to the large funds it received from the exchange’s philanthropic arm.

The trustees are currently cooperating fully with the inquiry, which may expand in scope if further regulatory issues arise.


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