Ed Jones/AFP via Getty Images
- An "effective altruism" charity backed by Sam Bankman-Fried is set to close.
- The jailed former crypto billionaire was a major proponent of effective altruism.
- The philosophy seeks to understand how to use resources best in order to help people.
A UK-based "effective altruism" charity funded by the disgraced former cryptocurrency billionaire Sam Bankman-Fried is set to close.
Effective Ventures Foundation UK, originally incorporated in 2012, reported income of more than £140 million in 2022, which is around $177 million as of April 2024.
But a report filed by the charity in March said that its board did not intend to sponsor new projects and was expected to "wind down (in 2025 or beyond)" after spinning out its projects into independent entities.