Donations from FTX being massively refunded
2022.12.20 11:50
Donations from FTX being massively refunded
Budrigannews.com – According to a staff memo seen by Reuters on Tuesday, the non-profit investigative news outlet ProPublica will return $1.6 million it received from the family foundation of FTX founder Sam Bankman-Fried.
According to the memo, the funds will be transferred to a different account until a bankruptcy judge or other legal authority determines where the money should be returned.
In the memo, which was first reported by Axios, executives at ProPublica stated, “It does not seem appropriate to keep these funds.”
Additionally, ProPublica stated that it had ended its partnership with the “Building a Stronger Future” foundation.
Following rival cryptocurrency exchange Binance’s withdrawal from a proposed acquisition, FTX filed for bankruptcy protection in the United States and Bankman-Fried resigned as CEO.
Due to the company’s demise in the United States, Bankman-Fried faces fraud charges. He acknowledges that FTX’s risk management was flawed, but he does not believe he is criminally liable.
More Netflix Shares Fall due to WS Journal Reports
In the meantime, a number of crypto companies have millions of dollars of exposure to the troubled exchange and are anticipating a blow from the FTX collapse.
