A former executive of FTX allegedly earned profits for a charity by purchasing discounted FTX tokens, FTT, before they became available to the public at $0.05 per unit, according to a report citing anonymous sources. Ruairi Donnelly, the former chief of staff at FTX, has been accused of donating the tokens to Polaris Ventures, a charitable organization based in Switzerland, which later sold the FTT for millions of dollars.
According to a report from the Wall Street Journal (WSJ) on Tuesday, a charity associated with an FTX executive benefited by obtaining ftx tokens (FTT) at a discounted price. The charity in question is Polaris Ventures, a Swiss organization that claims to support artificial intelligence (AI) and effective altruism, anonymous sources familiar with the matter told the WSJ.
One specific AI organization that Polaris Ventures supported was the Cooperative AI Foundation, which received $15 million to support its cause and research. WSJ reporter Alexander Saeedy cites anonymous sources who claim that former FTX chief of staff Ruairi Donnelly purchased FTX tokens (FTT) at a discounted rate of $0.05 per unit, which was reportedly the going FTX employee discount at the time.
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