A UK regulator is investigating the Effective Ventures Foundation, a charity connected to failed crypto exchange FTX, as its founder Sam Bankman-Fried, was a significant contributor to the foundation.
Bankman-Fried, who made a name for himself for his Robin Hood persona, charitable acts, and political donations, hit the headlines in April 2022 when he announced his intention to give away his wealth. But in November 2022, his company FTX went bankrupt. As a result, the Charity Commission in England and Wales has opened an inquiry into Effective Ventures.