Polaris Ventures received approximately $600,000 in donations. FTT altcoin He raised his token up to about $150 million and now wants to withdraw money from his frozen FTX account.
Ruairi Donnelly, founder of Polaris Ventures, working with FTX and Alameda Research, promoted the company as running it for charity.
FTT Altcoin Sold to FTX Employees at $0.05
One of Alameda’s first employees, Donnelly became the managing director of FTX when the exchange went live in 2019 and launched a new currency called FTT, a digital currency for use on the new platform.
People familiar with the matter said that at the time, FTX offered early employees such as Donnelly a deal to buy FTT tokens for 5 cents apiece weeks before they went public with an initial price of $1.
According to his lawyer, Donnelly took advantage of the company’s offer and requested that $562,000 of his salary be exchanged for FTT, the equivalent of 11.2 million tokens. At Donnelly’s request, FTX then sent the tokens as a grant to a Swiss-based charity known today as Polaris Ventures, according to the foundation’s financial statements.
According to people familiar with the matter and this foundation’s financial statements, Donnelly made millions of dollars selling foundation tokens after being publicly traded at $1 in 2019 and 2020 while still working at FTX.
Donnelly’s attorney, Jason PW Halperin, said the FTT acquired by Polaris was in exchange for his client’s unpaid salaries and was not stock exchange.
“To put it bluntly, the FTT that Donnelly directed to donate to Polaris on his behalf was not FTX’s funds,” Halperin said. A colleague of Donnelly’s at FTX and Alameda also donated $30,000 in salary, and the foundation’s total FTT at the time had reached 11.8 million, which was worth about $600,000, he said.
Polaris has about $150 million in assets today, of which about $30 million is stuck in FTX.
People close to the matter said that while most of the foundation’s assets are in cash, investment shares and various cryptocurrencies, its wealth is largely due to FTT’s first transfer in 2019.
*Not investment advice.
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