Coin Edition -
- The researchers from top universities were highly affected by the fall of FTX and FTX Future Fund.
- FTX’s funding program intended to provide support to the research scholars, but the firm collapsed.
- Reports suggest that there were students who were forced to drop their studies without adequate funds.
According to the latest report, researchers from top universities have been struggling after the fall of the once prominent crypto exchange FTX and its funding project FTX Future Fund, with inadequate funds and grants as promised by the crypto firm.
Significantly, the FTX Future Fund intended to support researchers with studies on improving “humanity’s long-term prospects”. The project was initially funded by the former CEO of FTX Sam Bankman-Fried; it aimed at spending between $100 million and $1 billion in the beginning.
As per the data, nearly 20 researchers from the top universities including Princeton, Cornell, and Brown in the United Nations and Cambridge in Britain, received grants worth $100,000 each. Presumably, the projects related to the universities were granted more than $13 million in total.
Nonetheless, when FTX collapsed following the allegations of SBF’s fraud, the firm’s philanthropic fund project also crashed. The same day on which FTX filed for bankruptcy, the officials behind the FTX Future Fund published a blog on an altruism forum declaring that they have “resigned”.
The team announced that they were shocked by the fall of FTX adding:
“We are now unable to perform our work or process grants, and we have fundamental questions about the legitimacy and integrity of the business operations that were funding the FTX Foundation and the Future Fund. As a result, we resigned earlier today.”
It is noteworthy that the researchers and University students were highly affected by the fall of the firm. Korbinian Kettnaker, a Ph.D. student opened up that he was forced to end his studies in the philosophy of computer science at the Britain’s University of Cambridge after FTX’s failure in providing the promised funds.
He added that though he expected the fund to arrive by November, for his first term, he didn’t receive it on time, forcing him to drop his studies.
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