The FTX-Alameda fiasco has spiralled out of control now that Binance is not moving forward with its planned acquisition deal.
With mounting pressure and a looming bankruptcy on the horizon, the latest reports confirm that FTX's Future Fund team has resigned.
In a startling public statement, the Future Fund condemned the FTX exchange's behaviour.
FTX Future Fund team has resigned
The FTX Future Fund team has submitted their resignations to the firm. The five members, including Nick Beckstead, Leopold Aschenbrenner, Aviral Balwit, Ketan Ramakrishnan, and Will MacAskill, have left FTX.
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In the public statement making rounds on Twitter, FTX's Future Fund team shared that they are unable to perform their work or process grants due to the FTX-Alameda debacle and have further stated that they have some fundamental questions about the legitimacy of "the business operations that were funding the FTX foundation and the future fund."
Per the official statement, the FTX Future Fund Team is "devastated" to announce that "it will be unable to honour any of the committed grants," and they are "extremely sorry for everything that has transpired in the past couple of days."
The FTX Future Fund, launched in February 2022, was dubbed a philanthropic endeavour initiated under the leadership of SBF to "improve humanity's long-term prospects."
FTX is embroiled in serious allegations related to the mishandling of customer funds.
The exchange reportedly made use of customers' assets to fund the risky bets of Alameda, FTX's research company.