A second interim report has been filed by the FTX debtor-in-possession here, with some potentially relevant information. The report explains how FTX used accounts into which customers deposited money, as well as other accounts with commingled funds, to conduct various activities. The report is very much a birds-eye view, so only describes examples:
The FTX Foundation grants were funded via transfers from a variety of bank accounts, including North Dimension-8738 and Alameda-4456 (Primary Deposit Accounts), as well as Alameda-4464 and FTX Trading-9018, all of which contained commingled customer and corporate funds. The FTX Foundation used these funds to make grants to individuals and nonprofits.
In addition to receiving transfers of commingled funds, the FTX Foundation also regularly directed the payment of “grants” directly from FTX Group bank accounts that held commingled customer and corporate funds. For example, on May 19, 2022, the FTX Foundation authorized a $300,000 grant to an individual to “[w]rite a book about how to figure out what humans’ utility function is (are),” and transferred the funds to this individual from North Dimension-8738, a Primary Deposit Account. On June 30, 2022, the FTX Foundation funded a $400,000 grant to an entity that posted animated videos on YouTube related to “rationalist and [Effective Altruism] material,” again causing the funds to be wired directly from North Dimension-8738, a Primary Deposit Account.
A second interim report has been filed by the FTX debtor-in-possession here, with some potentially relevant information. The report explains how FTX used accounts into which customers deposited money, as well as other accounts with commingled funds, to conduct various activities. The report is very much a birds-eye view, so only describes examples:
(alterations in original)
Rational Animations is probably the YouTube channel the report is referring to, in case anyone’s curious.
Did the book about figuring out humans’ utility functions ever get written?