Despite the implosion of FTX, a major donor, UK charity Effective Ventures Foundation (EV) appears to have emerged relatively unscathed. A government probe concluded that EV acted swiftly and responsibly to protect its funds.

Charity Puts Up a Defense:

The UK Charity Commission's investigation found that EV trustees took necessary steps to safeguard charitable funds. They "ringfenced" the £3.3 million ($4.3 million) received from FTX, and even sought protection from the National Crime Agency. Additionally, EV opted for a full repayment agreement after receiving legal counsel.

Turning the Tables on FTX:

Following the FTX collapse, non-FTX-affiliated trustees at EV took charge, distancing the charity from the scandal. They prioritized protecting assets and ensured operations continued uninterrupted.

Repaying Every Penny:

The Charity Commission launched its probe in January 2023 due to EV's close ties with FTX. EV reportedly paid back the entirety of the funds it received in 2022, demonstrating its commitment to transparency. This move allows EV to confidently seek future donations without the burden of the FTX association.

EV Makes a Clean Break:

EV's interim CEO, Zachary Robinson, emphasized their complete financial separation from FTX. They repaid $26.8 million, condemning the fraudulent actions that led to FTX's demise.

This turn of events portrays EV as a responsible organization that prioritized its charitable mission despite its former association with a disgraced crypto exchange.