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University-affiliated probe initiatives received much than $13 cardinal successful grants from FTX Future Fund, with respective students getting $100,000 successful grants.
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The illness of the FTX speech and its subsidiaries successful November 2022 besides led to the shutdown of its philanthropic arm, FTX Future Fund. The philanthropic limb had pledged $1 cardinal successful donations successful 2022 towards probe academics crossed prestigious universities. However, the squad down the task resigned right aft FTX filed for bankruptcy connected Nov. 11, 2022.
Many scholars and researchers who were aboriginal recipients of the assistance are present stuck successful limbo implicit outgo of further grants for their programs. According to a report published by Reuters, galore Ph.D. students who were studying connected the FTX assistance were forced to driblet retired of the people owing to the fearfulness of repayment.
A summary of the FTX Future Fund's activities revealed that the money was sponsored by erstwhile CEO Sam Bankman-Fried. The absorption of the assistance revolved astir probe projects for the harmless improvement of artificial intelligence, reducing catastrophic bio-risk, improving institutions, economical growth, large powerfulness relations, and effectual altruism, among galore others.
1/ We're thrilled to denote the FTX Foundation's Future Fund. We marque grants and investments to ambitious projects to amended humanity's semipermanent prospects.
We program to deploy >$100M this year, and perchance a batch much (in rule up to $1B).https://t.co/kIWdm48LZ4
According to the report, a full of 20 academics from prestigious colleges, including Cornell, Princeton, and Brown successful the United States, arsenic good arsenic Cambridge successful Britain, received grants from the FTX philanthropy limb totaling much than $100,000 each. Further calculations based connected these announcements suggest university-affiliated probe initiatives got a full of much than $13 million.
Related: Names of non-US FTX users demanded by mainstream media outlets
Many of these academics who received the archetypal assistance person present recovered themselves successful a tricky concern with the adjacent owed day for interest submission already passed. As a result, galore of the students were forced to driblet retired of the programme aft the archetypal year.
Others who did person a afloat assistance person recovered themselves successful an ethical conflict implicit whether to usage the assistance oregon instrumentality the funds, which mightiness beryllium portion of stolen customers' funds, arsenic per the suit against the crypto speech and its founders.
While FTX asked recipients of payments from the debtors successful the FTX bankruptcy filing to instrumentality their funds successful an announcement, it didn’t specifically notation FTX Futures Funds. However, a lawyer based successful the U.S. suggested that it volition beryllium connected the FTX trustee and their willingness to claw backmost tiny amounts, including philanthropic ones.
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