Sam Bankman-Fried Backed Charity Under UK Probe
The Charity Commission for England and Wales is probing the Effective Ventures Foundation, a charity backed by Sam Bankman-Fried, founder of the bankrupt crypto exchange FTX.
The charity reported FTX's bankruptcy as a "serious incident" because of the significant funds it had received from the exchange's philanthropic arm.
As regulators have spooked banks into thinking that holding cryptos damages their sense of probity and prudence - like that's ever stopped them before - now they are turning to charities and the obligations of trustees to also be prudent with their assets.
The contagion con continues.
As the name suggests Effective Ventures is a shielding organisation designed to spread the message of "effective altruism".
EV Operations enables unusually impactful organisations to achieve their goals. We aim to provide world-class operational support and infrastructure that allows effective organisations to thrive.
So, essentially a PR corporation masquerading as a charity. Note how altruistic their wages seem to be.
Now, fraud certainly has an "impact".
The Commission may extend the scope of the inquiry if additional regulatory issues emerge.