Crypto exchange FTX’s former CEO, Sam Bankman-Fried publicly pledged to use his enormous and growing wealth to address global issues, stating that he wanted to prevent nuclear war and stop future pandemics. Bankman-Fried pledged in February last year.
The discovery precipitated the FTX collapse that Bankman-Fried had placed large sums of money into a risky Bitcoin investment called Bitcoin Cash which has since lost almost all its value.
Bankman-Fried claimed in a Forbes interview that he first got interested in crypto because it could be used to address global issues.
FTX’s failure and revelations have derailed those proclaimed lofty charitable promises that he combined FTX’s money with that of its customers.
As authorities look into FTX, the exchange’s lawyers claim that Mr. Bankman-Fried managed it as his own “personal fiefdom,” and new CEO John J. Ray has characterized a “complete failure of corporate controls” at the firm.
A few years later, after establishing Alameda Research in 2017, Bankman started FTX. FTX became one of the world’s top five crypto exchanges due to the rise in the price of Bitcoin and other digital currencies.
Although currently, the fall of the Bankman-empire has sent shockwaves through the halls of academia and cutting-edge labs worldwide.
FTX’s other project, the Future Fund, awarded hundreds of grants totaling over $160 million to start-up businesses, “special people,” and organizations that promote effective altruism, according to its website.
The fund staff indicated in a letter of public resignation earlier this month that they were “devastated to say that it looks likely that there are many committed grants that the Future Fund will be unable to honor.”
Last week, Bankman-Fried communicated with a journalist at Vox, who said,
“You were really good at talking about ethics,”
Bankman-Fried responded that he had to be. He explained it as a dumb game woke westerners play using all the right shibboleths so that everyone likes them.
The post Sam Bankman Fried’s ‘Plans To Save the World’ Went Down in Flames appeared first on Coin Edition.
See original on CoinEdition
Source: Cryptocurrency - investing.com
