The UK Charity Commission has launched an investigation into the Effective Ventures Foundation, a charity funded by the FTX Foundation, according to a January 30 statement.
The Charity Commission said FTX’s bankruptcy was a “major incident.”this Added There was no indication of wrongdoing by the trustee.
“The investigation was launched to establish the facts and ensure that the trustees are protecting the charity’s assets and operating the charity in line with their duties and responsibilities.”
However, this study examines the risks to the charity’s assets and determines whether the trustee has fulfilled its legal obligation to protect the charity’s property.
Authorities will also investigate the relationship between the charity’s trustees and their funders to try to determine if there were any conflicts of interest, he added.
The commission said the trustees of the Effective Ventures Foundation are cooperating fully, adding that it could expand the scope of the investigation if additional issues arise.
Meanwhile, FTX’s new management is trying to collect donations made by the bankrupt company to several charities and politicians. The bankrupt company has provided her $160 million in grants to more than 100 nonprofits as of September 2022.
