The Charity Commission, the government agency tasked with overseeing charities operating in England and Wales, has announced that it has launched an investigation into the Effect Ventures Foundation, an affiliate of the failed cryptocurrency exchange FTX.
The Charity Commission said in a statement on its website today that the Effect Ventures Fondation has been greatly affected by the bankruptcy of the FTX exchange, and the charity is cooperating voluntarily in the investigation.
We’ve opened an inquiry into Effective Ventures Foundation following the bankruptcy of a significant funder.
Read more: https://t.co/zjH1TdysYf pic.twitter.com/Qda9I0YwVP
— Charity Commission (@ChtyCommission) January 30, 2023
The commission of inquiry shared that as of now, they have not faced any “abuse”, but that there is a huge risk to the assets of the charity due to FTX.
Charity Commission, the charity in question “full cooperation” Emphasizing that he was in the process, he reiterated that he would release a detailed report once the investigation is over. The authority took the first investigative step after the FTX bankruptcy on December 19th.
Where Did FTX Transfer The Coins?
According to documents that surfaced in the United States, FTX transferred large sums of money to various charities and political campaigns prior to bankruptcy. Most of these organizations announced that they will return the money from FTX.
However, it is not yet clear whether a sanction will be imposed on charitable organizations by the state.
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