Probe finds Effective Ventures charity acted ‘diligently’ after FTX collapse
A UK government inquiry into an FTX -backed charity that received $26.8 million in donations, has concluded that its trustees acted ‘quickly’ and ‘ diligently ’ protecting the charity ’s funds in the wake of the crypto exchange’s high-profile collapse . In 2022, Effective Ventures Foundation (EV) filed a Serious Incident Report with the Charity Commission, informing it that FTX, one of the charity’s major funders, had filed for bankruptcy amid reports of criminal activity. It also informed the commission that the CEO of FTX Foundation and an unpaid advisor to the FTX Future Fund made up two of EV’s trustees. The commission subsequently launched a probe to determine ‘the extent of any risk to the charity’s assets and the extent to which the trustees were complying with their legal duties’ and to investigate ‘the governance and administration of the charity by the trustees, including relationships between the charity’s trustees and its funders and the identif...