But Got $200,000
If yesterday the article was about the prospects of (carbon) credits becoming a sort of currency through tokenization and blockchain, today, in a cautious perspective, we publish about a curious relationship between FTX and carbon capture businesses.
A recent and controversial case, FTX collapsed and filed for bankruptcy a few weeks ago. It was the third largest cryptocurrency exchange in the world.
Well, the exchange, based in the Bahamas and created by Sam Bankman-Fried also had a philanthropy in its structure, the FTX Foundation. And the FTX Foundation’s “Future Fund” was the group’s primary vehicle for making philanthropic donations and investments. About USD 190 million in total, according to the company itself.
Now FTX’s creditors are after what’s left (“Worse than Enron”, according to John Ray III, Enron‘s liquidator, in a recent interview with the Financial Times)
Among the recipients is a startup that researches climate solutions, carbon capture, a “nonprofit public benefit corporation” registered in California. Matter published by Forbes brings many curiosities.
Among them, the amount donated seems not to have been requested. In fact, at the end of the article “Zombies on the blockchain” published on the company’s website, as part of the “terms”, there is the following text: “… The FTX Foundation, which is associated with the cryptocurrency exchange FTX, previously gave CarbonPlan an unsolicited and unrestricted donation in cash…”. Also, the startup founder would be skeptical about carbon offsets.
Anyway, really curious case according to the Forbes Digital Assets article.
Click on the image below to read “This Climate Change Nonprofit Didn’t Ask For FTX’s Money – But Got $200,000 Anyway”
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- Source: https://www.carboncreditmarkets.com/en/single-post/about-the-climate-change-nonprofit-that-didn-t-ask-for-ftx-s-money
