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.
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.
Overhead view of Wytham Abbey, now being sold by Effective Ventures.
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.