A charity founded by Ruairi Donnelly, a former FTX executive, is attempting to get back $30 million in locked funds from a frozen account held on the bankrupt exchange, The Wall Street Journal reported.
According to the WSJ report, Polaris Ventures served as a charitable venture founded with profits from the FTT token, backed by $562,000 in pre-sale FTT tokens donated to the charity at $0.05 each, later sold for $1 in 2019/2020, netting the charity $150 million. Of that, $30 million remains locked in with the rest of FTX’s creditors, all of whom remain unable to access funds locked in their accounts since FTX filed for bankruptcy last November.
The funds stem from an agreement Donnelly made to exchange $562,000 of his salary for 11.2 million FTT tokens. As per that request, FTX granted the tokens to Polaris, which was later confirmed through the foundation’s financial statements. When FTT became publicly traded in 2020, Polaris sold its tokens for millions of dollars, while Donnelly continued to work for FTX.
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