Former FTX Executive Accused of Fueling a Charity Through Discounted FTT Purchase

A erstwhile enforcement of FTX allegedly earned profits for a foundation by purchasing discounted FTX tokens, FTT, earlier they became disposable to the nationalist astatine $0.05 per unit, according to a study citing anonymous sources. Ruairi Donnelly, the erstwhile main of unit astatine FTX, has been accused of donating the tokens to Polaris Ventures, a charitable enactment based successful Switzerland, which aboriginal sold the FTT for millions of dollars.

Anonymous Sources Claim Polaris Ventures Gained Most of Its Wealth From FTT Transfer successful 2019

According to a report from the Wall Street Journal (WSJ) connected Tuesday, a foundation associated with an FTX enforcement benefited by obtaining ftx tokens (FTT) astatine a discounted price. The foundation successful question is Polaris Ventures, a Swiss enactment that claims to enactment artificial quality (AI) and effectual altruism, anonymous sources acquainted with the substance told the WSJ.

One circumstantial AI enactment that Polaris Ventures supported was the Cooperative AI Foundation, which received $15 cardinal to enactment its origin and research. WSJ newsman Alexander Saeedy cites anonymous sources who assertion that erstwhile FTX main of unit Ruairi Donnelly purchased FTX tokens (FTT) astatine a discounted complaint of $0.05 per unit, which was reportedly the going FTX worker discount astatine the time.

The sources allege that Donnelly utilized $562,000 of his ain wage to get FTT astatine this rate. Saeedy’s study suggests that Donnelly past donated the funds via a assistance to Polaris, and that “the instauration made millions of dollars selling the tokens aft they began trading publically astatine $1 successful 2019 and 2020, portion Mr. Donnelly was inactive moving astatine FTX.”

Donnelly’s lawyer stated that the FTT successful question did not beryllium to FTX and was intended to wage his client’s unpaid wages. “To beryllium perfectly clear, the FTT that Mr. Donnelly directed to beryllium donated connected his behalf to Polaris was not FTX’s funds,” the lawyer said. The lawyer besides noted that $30 cardinal of Polaris’ funds were stuck connected FTX, and that the instauration is simply a large creditor successful FTX’s bankruptcy case.

Anonymous sources cited successful the study further suggest that astir of the foundation’s wealthiness initially came from the FTT transportation successful 2019. The aforesaid sources concluded that Donnelly is presently attempting to merchantability bankruptcy credits for a fraction of their value.

What are your thoughts concerning the lawsuit of Polaris Ventures and the reported FTT woody successful 2019? Share your thoughts successful the comments below.