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"Future Fund Beneficiaries Still Scrambling Months After FTX Collapse" (April 11, 2023)
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Relevant to understanding the institutional fragility of AI safety funding ecosystems and the downstream consequences of the FTX/SBF collapse on EA-aligned research organizations in 2022-2023.
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Importance: 35/100news articlenews
Summary
This article examines the ongoing fallout for AI safety and effective altruism organizations that received funding from FTX's Future Fund, months after the exchange's November 2022 collapse. It details how grantees struggled with abrupt funding losses, project cancellations, and organizational uncertainty as the broader EA and AI safety funding ecosystem faced a significant shock.
Key Points
- •FTX's Future Fund had committed hundreds of millions to EA and AI safety causes before the collapse halted or clawed back many grants.
- •Months after the collapse, many beneficiary organizations were still scrambling to find replacement funding or wind down projects.
- •The crisis exposed significant concentration risk in EA/AI safety funding, with many organizations overly dependent on FTX-linked capital.
- •Some organizations had to lay off staff or cancel research programs due to the sudden loss of expected funding.
- •The episode prompted broader reflection on funding diversification and governance within the AI safety and EA communities.
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| Page | Type | Quality |
|---|---|---|
| FTX Collapse: Lessons for EA Funding Resilience | Concept | 78.0 |
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Future Fund Beneficiaries Still Scrambling Months After FTX Collapse
JP Alegre
Tuesday, April 11, 2023, 03:40:00 PM
When the FTX crypto exchange imploded in November and it was revealed that the company may have “engaged in deception or dishonesty,” the entire team behind the Sam Bankman-Fried-backed philanthropic fund, FTX Future Fund, resigned.
With the announcement, they told the fund’s beneficiaries 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.” And now, months later, as FTX’s new leadership works on recovering funds to repay creditors, beneficiaries are left with either no funding, or with funding but with fears of forced repayment, or an ethical dilemma.
The Entire Team Behind FTX’s Future Fund Resigns
The Future Fund was one of FTX’s two philanthropic arms and it gave grants to projects that focused on “long-term improvements for humankind” like biosecurity and AI safety. The other arm, FTX Foundation, was a charity that supported health, pollution, and climate initiatives.
1/ We're thrilled to announce the FTX Foundation's Future Fund. We make grants and investments to ambitious projects to improve humanity's long-term prospects.
We plan to deploy >$100M this year, and potentially a lot more (in p
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