FTX seeks to recover donations made by the exchange and Sam Bankman-Fried

As of late September, FTX’s charity arm, the Future Fund, had committed more than $160 million to more than 110 nonprofit organizations, including biotech startups and university researchers, to fight COVID-19, the WSJ reported. 19 were developing vaccines and working on epidemiological studies. as well as non-profit organizations in India, China and Brazil.

According to the report, the Future Fund donated $3.6 million to AVECRIS, a company working on a genetic vaccine platform, and $5 million to the Atlas Fellowship for Scholarship and High-School Summer Program in San Francisco.

A spokeswoman for Bankman-Fried said the charitable donation was not made from customer deposits, but from business profits. The charity arm was announced in February 2022, planning to raise more than $100 million in its first year and reach $1 billion in donations, the WSJ reports.

The report added that donations made by FTX to political parties and candidates are also being investigated by United States prosecutors. Bankman-Fried was the second largest “CEO contributor” to Joe Biden’s 2020 presidential campaign with a donation of $5.2 million.

Cointelegraph reported that clawback provisions could force businesses and investors to return billions of dollars paid in the months prior to the collapse of the crypto exchange. FTX’s new management says that “several recipients of contributions or other payments” have contacted the company for refunds, according to the report.