Effective Ventures Foundation, a UK-based charity that received $26.8 million in donations from FTX, is reportedly shutting down.
The charity was reportedly set up to invest in projects centered on effective altruism, a philosophy dedicated to solving various societal problems through investment and charity.
The Telegraph reported last week that accounts filed by Effective Ventures UK reveal it is “expected that [Effective Ventures UK] will eventually wind down (in 2025 or beyond).” The accounts also reveal the charity will no longer sponsor new projects and delegate current projects to other initiatives.
Read more: FTX-funded charity Effective Ventures agrees to return donations
Former FTX founder Sam Bankman-Fried claimed to be an effective altruist and invested millions into the charity through his now-collapsed exchange.
However, the charity returned $26.8 million in donations to a now-bankrupt FTX as part of a settlement reached in January this year. Bankman-Fried has since been sentenced to 25 years in jail.
FTX linked charity to sell 15th-century manor
Effective Ventures CEO Rob Gledhill announced on an effective altruism forum last week the sale of a 15th-century manor the charity had purchased with a £17 million ($21.5 million) grant in 2021.
Read more: Sam Bankman-Fried sentenced to 25 years in prison
The manor house was described as a venue for various groups, people, and organizations to work on “globally significant problems and puzzles.” In the forum post, Gledhill claimed proceeds of the sale “will be allocated to high-impact charities.”
The Telegraph notes that Effective Ventures is still under investigation by the UK’s Charity Commission. The charity has reportedly openly condemned Bankman-Fried and an internal investigation led by law firm Mintz claims that there is no evidence the charity knew of any wrongdoing.
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