I was reading the Charity Commission report on EV and came across this paragraph:
During the inquiry the charity took the decision to reach a settlement agreement in relation to the repayment of funds it received from FTX in 2022. The charity made this decision following independent legal advice they had received. The charity then notified the Commission once this course of action had been taken. The charity returned $4,246,503.16 USD (stated as £3,340,021 in its Annual Report for financial year ending 30 June 2023). The Commission had no involvement in relation to the discussions and ultimate settlement agreement to repay the funds.
This seems directly in conflict with the settlement agreement between EV and FTX which Zachary Robinson summarized as:
First, we’re pleased to say that both Effective Ventures UK and Effective Ventures US have agreed to settlements with the FTX bankruptcy estate. As part of these settlements, EV US and EV UK (which I’ll collectively refer to as “EV”) have between them paid the estate $26,786,503, an amount equal to 100% of the funds the entities received from FTX and the FTX Foundation (which I’ll collectively refer to as “FTX”) in 2022.
These two amounts hugely differ. My guess is this is because most of the FTX Funds were received by EV US and that wasn’t included in the charity commission? But curious whether I am missing something.
Your guess that Zach’s post refers to both EV US and EV UK, whereas the charity commission only looked at EV UK is correct—and this explains the difference in amounts
I was reading the Charity Commission report on EV and came across this paragraph:
This seems directly in conflict with the settlement agreement between EV and FTX which Zachary Robinson summarized as:
These two amounts hugely differ. My guess is this is because most of the FTX Funds were received by EV US and that wasn’t included in the charity commission? But curious whether I am missing something.
Your guess that Zach’s post refers to both EV US and EV UK, whereas the charity commission only looked at EV UK is correct—and this explains the difference in amounts
Thank you!