A sign saying FTX arena over the doors of a stadium.

The collapse of the crypto behemoth means charities are starving while other firms detail potential risks

The rapid bankruptcy of cryptocurrency exchange FTX last week also rocked the world of philanthropy, due to the donations and influence of FTX founder Sam Bankman-Fried in the “effective altruism” movement.

The FTX Foundation — and other related charities funded primarily by Mr. Bankman-Fried and other senior FTX executives — says it has donated $190 million ($283 million) to numerous causes.

Earlier this year, the foundation’s Future Fund announced plans to donate an additional $100 million, with hopes of raising up to $1 billion in donations in 2022.

Because of the bankruptcy, that won’t happen now.

And donations to numerous charities, even those that have already received money from groups associated with Mr. Bankman-Fried, are now in doubt.

FTX, hedge fund Alameda Research and dozens of other related companies filed for bankruptcy protection in Delaware on Friday after the exchange experienced the cryptocurrency equivalent of a bank run.

Clients tried to withdraw billions of dollars from the exchange after worrying about whether FTX had enough capital.

Mr. Bankman-Fried has retired from the Company.

His net worth, which was estimated at $24 billion earlier this year, is all but gone, according to Forbes and Bloomberg, which closely track the net worth of the world’s richest people.

On Thursday night, the FTX Future Fund’s leadership team resigned, warning grantees that they were unlikely to pay out the promised funds.

“We are devastated to say that there are likely many pledged grants that the Future Fund is unable to honor,” the team wrote in a joint post on the Effective Altruism Forum.

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