FTX attempting to recover millions donated to charities

Some charities have voluntarily agreed to return the funds, some have already spent the money, while others are awaiting legal clarity. Defunct crypto exchange FTX and its founder Sam Bankman-Fried (SBF) donated millions to charities. Now the firm’s new management is trying to recover the donations, the Wall Street Journal (WSJ) reported on Jan. 8. John. J. Ray, currently heading FTX management, has said that it has been challenging to figure out the firm’s total assets and liabilities and even how many bank accounts it had. Federal prosecutors and regulators allege that SBF, FTX, and its affiliates, which include defunct hedge fund Alameda Research, stole user funds and poured billions of dollars into risky bets that did not pan out. FTX and its affiliates filed for bankruptcy in November 2022. SBF pled ‘not guilty’ to multiple counts of fraud earlier this week, and his criminal trial is set for October 2023. A spokesperson for SBF told WSJ that charitable donations were made with