Sam Bankman-Fried’s FTX Foundation was “idiotically inefficient,” says one ex-employee, surprising some with unsolicited donations, giving others less than promised and still others none at all.
Fallen crypto trader Sam Bankman-Fried rose to fame in part because of his pledge to give all his money away. But the process through which one nonprofit received a donation from FTX’s charity arm raises questions about the FTX team’s methods.
Following that meeting, FTX “unilaterally decided to wire us $200,000 via the banking information we had earlier provided to Mr. Lennox under our assumption that he wanted to make a much smaller donation in his personal capacity,” according to Freeman, who detailed his organization’s bizarre experience with FTX in emails with“To be clear, I neither solicited nor agreed to accept any donation from FTX or its affiliates; they simply wired us the money,” says Freeman.questions.
In April, the researcher was delighted to discover that the FTX Foundation’s Future Fund, the organization’s main giving vehicle, would be giving him money to pursue his research. However, the researcher–who is based in another country–said his bank rejected FTX’s preferred mode of money transfer, via an “intermediary bank.”
The researcher says he’s now concerned about how to pay taxes on the FTX money he received. “The issue is just like, how do I declare this? Because I have to do my own tax returns as an independent researcher,” he says. “Do I say it's a grant? I don’t have a grant agreement.”
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