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Sam Bankman Fried’s ‘Plans To Save the World’ Went Down in Flames

Sam Bankman pledged to prevent nuclear war and stop future pandemics.New CEO John J. Ray has stated: “unprecedented corporate controls” at FTX.Future Fund awarded...
Sam Bankman Fried’s ‘Plans To Save the World’ Went Down in Flames Sam Bankman Fried’s ‘Plans To Save the World’ Went Down in Flames
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  • Sam Bankman pledged to prevent nuclear war and stop future pandemics.
  • New CEO John J. Ray has stated: “unprecedented corporate controls” at FTX.
  • Future Fund awarded grants of over $160 million to promote effective altruism.

Crypto exchange FTX’s former CEO, Sam Bankman-Fried publicly pledged to use his enormous and growing wealth to address global issues, stating that he wanted to prevent nuclear war and stop future pandemics. Bankman-Fried pledged in February last year.

The discovery precipitated the FTX collapse that Bankman-Fried had placed large sums of money into a risky Bitcoin investment called Bitcoin Cash which has since lost almost all its value.

Bankman-Fried claimed in a Forbes interview that he first got interested in crypto because it could be used to address global issues.

FTX’s failure and revelations have derailed those proclaimed lofty charitable promises that he combined FTX’s money with that of its customers.

As authorities look into FTX, the exchange’s lawyers claim that Mr. Bankman-Fried managed it as his own “personal fiefdom,” and new CEO John J. Ray has characterized a “complete failure of corporate controls” at the firm.

A few years later, after establishing Alameda Research in 2017, Bankman started FTX. FTX became one of the world’s top five crypto exchanges due to the rise in the price of Bitcoin and other digital currencies.

Although currently, the fall of the Bankman-empire has sent shockwaves through the halls of academia and cutting-edge labs worldwide.

FTX’s other project, the Future Fund, awarded hundreds of grants totaling over $160 million to start-up businesses, “special people,” and organizations that promote effective altruism, according to its website.

The fund staff indicated in a letter of public resignation earlier this month that they were “devastated to say that it looks likely that there are many committed grants that the Future Fund will be unable to honor.”

Last week, Bankman-Fried communicated with a journalist at Vox, who said,

“You were really good at talking about ethics,”

Bankman-Fried responded that he had to be. He explained it as a dumb game woke westerners play using all the right shibboleths so that everyone likes them.

The post Sam Bankman Fried’s ‘Plans To Save the World’ Went Down in Flames appeared first on Coin Edition.

See original on CoinEdition

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09-12-2022 01:39:14 (UTC+7)

EUR/USD

1.0559

+0.0054 (+0.51%)

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EUR/USD

1.0559

+0.0054 (+0.51%)

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GBP/USD

1.2247

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USD/JPY

136.54

-0.06 (-0.04%)

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AUD/USD

0.6772

+0.0050 (+0.75%)

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USD/CAD

1.3570

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EUR/JPY

144.16

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EUR/CHF

0.9889

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19,450.23

+635.41 (+3.38%)

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1,819.15

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8,225.20

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47.100

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52.73

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Adidas AG

117.54

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7.712

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132.00

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10.022

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    EUR/USD 1.0559 ↑ Buy  
    GBP/USD 1.2247 ↑ Buy  
    USD/JPY 136.54 ↑ Sell  
    AUD/USD 0.6772 ↑ Buy  
    USD/CAD 1.3570 ↑ Sell  
    EUR/JPY 144.16 ↑ Buy  
    EUR/CHF 0.9889 Buy  
    Gold 1,803.85 ↑ Buy  
    Silver 23.348 ↑ Buy  
    Copper 3.8915 ↑ Buy  
    Crude Oil WTI 71.88 ↑ Sell  
    Brent Oil 76.68 ↑ Sell  
    Natural Gas 6.112 Sell  
    US Coffee C 159.73 ↑ Buy  
    Euro Stoxx 50 3,921.27 ↑ Sell  
    S&P 500 3,968.26 ↑ Buy  
    DAX 14,264.56 ↑ Sell  
    FTSE 100 7,472.17 ↑ Sell  
    Hang Seng 19,450.23 Neutral  
    Small Cap 2000 1,819.15 ↑ Buy  
    IBEX 35 8,225.20 ↑ Sell  
    BASF 47.100 Neutral  
    Bayer 52.73 ↑ Sell  
    Allianz 203.65 ↑ Sell  
    Adidas 117.54 ↑ Buy  
    Lufthansa 7.712 ↑ Sell  
    Siemens AG 132.00 ↑ Sell  
    Deutsche Bank AG 10.022 ↑ Sell  
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