UK Launches Probe into Sam Bankman-Fried Backed Charity: Effective Ventures Foundation Under Scrutiny

The United Kingdom Charity Commission has launched a probe into a charity backed by Sam Bankman-Fried, the Effective Ventures Foundation. This investigation comes amid the fallout from the collapse of FTX and subsequent legal troubles for its former CEO, Sam Bankman-Fried. The regulator opened the inquiry on Dec. 19 after FTX had filed for Chapter 11 bankruptcy in the United States and former CEO Sam Bankman-Fried was implicated in widespread fraud.

The scrutiny focuses on the Effective Ventures Foundation\'s funding sources and financial dealings, particularly those connected to FTX and related entities. A UK charity under investigation has confirmed that it agreed to repay millions of pounds it received from a failed controversial cryptocurrency platform. This underscores the concerns surrounding the origin and legitimacy of funds flowing into the charity.

A British charity backed by the convicted cryptocurrency fraudster Sam Bankman-Fried is set to wind up operations amid the collapse of FTX. The charity, Effective Ventures Foundation, faces significant challenges in maintaining operations and public trust, especially given the association with Bankman-Fried\'s fraudulent activities.

La Comisión de Beneficencia de Inglaterra y Gales está investigando a la Effective Ventures Foundation, una organización benéfica respaldada por Sam Bankman. This translates to "The Charity Commission for England and Wales is investigating the Effective Ventures Foundation, a charity backed by Sam Bankman," highlighting the international concern surrounding this case.

The probe aims to determine if the Effective Ventures Foundation acted in accordance with UK charity law and whether its activities were compromised by its association with Sam Bankman-Fried and FTX. The findings of the inquiry could have significant repercussions for the future of the charity sector and the acceptance of cryptocurrency-related funding.