TechFlow reports, citing Cointelegraph, that Polaris Ventures, a charity founded by former FTX and Alameda Chief of Staff Ruairi Donnelly, is attempting to access approximately $150 million. According to The Wall Street Journal on February 14, this funding originates from employee token sales at FTX. During his tenure at FTX, Donnelly received about $562,000 in compensation, which he used to acquire FTT tokens at a private discounted price of $0.05. Donnelly then "donated" these tokens to Polaris Ventures and later sold them for $1 each after FTT began public trading in 2019 and 2020, making millions in profit.
After FTX filed for bankruptcy protection last November, many related wallets and funds were frozen. Donnelly's legal team claims the FTT held by the charity "does not belong to FTX's assets" and therefore appears unaffected by claims from other parties. However, FTX creditors have stated they will arrange for the return of donated funds and may pursue legal action to recover the amounts. Currently, several regulatory agencies have begun investigating charities associated with FTX.
