Effective altruism? A charity associated with FTX spent $ 3.5 million for the Czech Castle
Effective altruism? A charity associated with FTX spent $ 3.5 million for the Czech Castle
FTX-Bankrotte Krypto exchange founded by Sam Bankman-Fried-seems to have spent millions of dollars to buy a luxurious castle in the Czech Republic via a obscure organization with connections to the movement of the "effective altruism".
a castle for charitable purposes?
according to Forbes ftx did not announce the donation before it was closed in December. Irena Kotikova, a former chairman of the Czech Association for Effective Altruism, which had applied for the scholarship, confirmed the sales point that the funds were distributed in July 2022
In particular, Kotikova claimed that a group named FTX Philantropy Inc.-later renamed FTX Foundation-issued the grant agreement. This company is not listed as a debtor in the FTX bankruptcy proceedings.
"It has not yet been clarified what exactly the source of our financing was and whether it is the subject of bankruptcy proceedings," said Kotikova.
Part of the FTX support agreement provided that all donations had to be issued. Most of the financing flowed into the purchase of a company that belonged to the Czech Castle "Chateau Hostavoc".
Tripadvisor describes Chateau Hostavoc as "a Renaissance lock, hidden in the center of the Czech Republic ... which guarantees you peace, peace and serenity."
The Haša family built in 1297 transformed the castle in 2007 into a hotel with 17 rooms that, according to Forbes, "a restaurant, a pool, a escape room, tennis courts and a frisbee golf course". Style = "Font-Weight: 400"> donations from FTX alone seemed to be nothing unusual. The FTX Foundation pledged 1 % of the income of FTX in 2021 for charitable purposes. Later the stock exchange started $ 100 million $ Humanitarian Fund with a special focus on "effective altruism". After the explosion of FTX in November, however, the team was behind the future fund resigned , citing "basic questions about legitimacy and integrity" Finance FTX charity programs. Effective Altruism is a social movement and philosophy that focuses on making as much money as possible to give something back to society. The former boss of FTX, Sam Bankman-Fried, often represented this way of thinking and once claimed: "I wanted to be rich, not because I like money, but because I wanted to donate this money for charitable purposes."
ftx has been widely accused since then cheat billions of dollars by stirring their fortune for the trade at Alameda Research. .
Kotikova argued to Forbes that the castle should be used as an event location for 60 to 100 people. Although she did not specify which projects had their organization in mind, she made it clear that "it was not intended as a project of effective altruism". The "effective altruism" by ftx