FTX Seeks to Recoup Sam Bankman-Fried’s Charitable Donations

Sam Bankman-Fried and FTX doled out millions in charitable donations. Now, new management is asking for it back.

Some of the money, however, has already been spent, and the gifts flowed through myriad sources and agreements that are proving difficult to tally. 

Mr. Bankman-Fried, FTX and its affiliates used stolen customer money to pour billions of dollars into risky wagers that imploded, according to federal prosecutors and regulators. The company collapsed into bankruptcy in November.

Its undoing continues to ripple through the crypto world and beyond it, to academia, nonprofits and politics. FTX’s new management, led by CEO John. J. Ray, says it has been a challenge to determine the company’s assets, liabilities and even how many bank accounts it held. Customers whose money is locked up on the crypto exchange are wondering if they will ever get it back. Mr. Ray has asked for their patience but warned it will be a difficult road.