BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
SUBSCRIBE
BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
BlockNews.com
No Result
View All Result
Home Business

Scientific Research Now Has A Dent Due To FTX Collapse, Here’s Why

BlockNews Team by BlockNews Team
November 19, 2022
in Business, Media, Opinion
Reading Time: 4 mins read
A A
FTX
1
SHARES
10
VIEWS
Share on TwitterShare on Reddit

The cryptocurrency exchange, F.T.X., faced a massive fall from grace over the last few days. The company’s founder and C.E.O., Sam Bankman-Fried, filed for Chapter 11 bankruptcy protection on November 11, 2022, after several hasty customer withdrawals. This event subjected the company to a free fall from $32 billion to bankruptcy within a few days, affecting C.E.O. Sam Bankman-Fried’s $16 billion net worth and turning it to near-zero.

You might also like

Around The Block – MAR 24 Week in News

Web3 Needs its ‘WordPress Moment’ to Speed up Positive Disruption

UK to Mandate Declaration of Crypto Holdings in Tax Forms

The collapse shook the crypto market in tremendous waves. The consequences of this company’s raid downfall impacted the crypto world and sent aftershocks well into the scientific community. The C.E.O., Sam Bankman-Fried, was an undergraduate physics major at the Massachusetts Institute of Technology(M.I.T.) when he founded F.T.X. and quickly rose to billionaire status. Upon his rise into wealth, he decided to sponsor various philanthropic organizations that supported an array of science-related causes, most of which were dedicated to improving human well-being.

Given the current situation, with the company officially in bankruptcy and undergoing investigations for mismanagement of investments, all foundations he backed are now stranded financially. Their scientific progressions rapidly ground to a halt.

A Lot Of Scientific Establishments Benefited From FTX, Some Of Them Are Discussed Below;

The world looked to research facilities and scientific bodies during the COVID-19 pandemic. F.T.X.’s C.E.O. and founder, Sam Bankman-Fried, quickly rose to popularity after he became known for supporting some research projects focused on “Humanity’s long-term prospects.”

One such was the F.T.X. foundation and its F.T.X. Future Fund. They had publicly launched in February, and by the end of June, they released a report stating that they had awarded over 262 grants and investments summing up to $132 million. Many of these grants were invested in “Pandemic preparedness,” amongst other scientific pursuits. 

Fund disbursement could be more straightforward as it is uncertain how much of that money has been dispensed. However, on November 11, the Future Fund leadership team of five senior officials publicly tendered their resignation.

Another research institute to mention is 1Day Sooner. They are a pandemic preparedness research and advocacy organization that won a $375,000 grant from the F.T.X. Foundation and the Future Fund. 

The head of 1 Day Sooner, Josh Morrison, stated it was an absolute mess. 1Day Sooner was known during the pandemic for advocating what was known as human challenge trials. This program intentionally infected volunteers with SARS-CoV-2 to carry out vaccine tests.

Other known science recipients of the Future Fund’s grant money include a Biotechnology firm, Sherlock Biosciences, awarded $2 million to carry out CRISPR- based infectious diseases diagnostics.

 Another biotechnology firm awarded grant money is HelixNano, which was given $ 10 million to research a vaccine that would be effective in fighting all different coronaviruses; SecureBio is another firm that was awarded $1.2 million to engineer better pandemic defenses like an early warning system that can screen for pathogen genetic materials in the wastewater. 

Kevin Esvelt, a biologist at M.I.T. and co-founder of SecureBio, mentioned that SecureBio has avoided using the grant money it collected from Future Fund, other than payment of three newly hired staff. Esvelt further stated that it isn’t right to lose their job over a financial tragedy unrelated to their direct line of work. 

Our World in Data was another research firm awarded $7.5 million to track relevant trends to humanity’s long-term prospects. A couple of other research firms were also awarded grants, and all now face an uncertain future.

Conclusion

Word on the street involves speculations about what will become of the awarded grants made by the F.T.X. foundation and the Future Fund. F.T.X. is currently in billions of dollars worth of debt to its creditors and the 

S.E.C., the United States Securities and Exchange Commission, and the United States Department of Justice have launched investigations into the case. 

Molly Kovite, a lawyer and member of the Center for Effective Altruism, warned in an online forum post on November 14 that F.T.X.’s creditors might look to organizations that received funding as far back as 90 days before the bankruptcy filing and try to “claw back” their investments. 

A philanthropic funder, Open Philanthropy, represented by Kovite, expressed that it was open to applications from grantees affected by the calamity that hit Future Fund and said applications would be screened. Funding would be provided at their discretion.

Tags: BusinessFTXScientific Research
TweetShareShare

Recommended For You

Around The Block – MAR 24 Week in News

by BlockNews Team
March 24, 2023
0
Around the Block

Introduction In this recap of the crypto world, we will explore the events and news that had the most significant impact in the past week of March 20th....

Read more

Web3 Needs its ‘WordPress Moment’ to Speed up Positive Disruption

by BlockNews Team
March 24, 2023
0
quicknode

QuickNode is leading the charge as Web3 is poised to revolutionize the world, but it needs its "WordPress moment" to accelerate positive disruption. Blockchain technology can upend manual-intensive...

Read more

UK to Mandate Declaration of Crypto Holdings in Tax Forms

by BlockNews Team
March 24, 2023
0
parliment

The government hopes to close regulatory gaps and stop illegal operations by enacting rules that address various parts of the industry. The requirement to disclose cryptocurrency holdings in...

Read more

The Fed Increases Interest Rates By 25 Basis Points- Impact On Crypto Prices

by BlockNews Team
March 24, 2023
0
The Fed Increases Interest Rates By 25 Basis Points- Impact On Crypto Prices

Crypto prices display rapid fluctuations as the U.S. Federal Reserve hikes interest rates by 0.25%. Investors remain upbeat about the medium-term outlook of Bitcoin and the wider crypto...

Read more

Telegram Enables USDT Stablecoin Payments on the Tron Network

by BlockNews Team
March 24, 2023
0
Telegram

Telegram integrates USDT-TRON (TRC20) into its platform, allowing users to send the stablecoin to their contacts seamlessly and without transaction fees. Telegram's venture into cryptocurrencies began with the...

Read more
Next Post
Sony

Sony Files Patent For Tracking In-Game Digital Assets With NFTs

Related News

North Korea Lazarus

North Korea’s Lazarus ‘Using New Coin Mixer to Launder Crypto’ – and It’s a ‘Blender Re-brand’

February 17, 2023
SHIB-Token

Whale Dumps 623 billion SHIB in Past 20 Days, But He Bought 2x More

October 11, 2022
wazirx-webpage

WazirX and Binance Plan to Delist the Stablecoins USDC, USDP, and TUSD

September 22, 2022

Browse by Category

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized
BlockNews.com

BlockNews.com brings you the most important Crypto and NFT news in the space.

CATEGORIES

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized

RECENT POSTS

  • Around The Block – MAR 24 Week in News March 24, 2023
  • Web3 Needs its ‘WordPress Moment’ to Speed up Positive Disruption March 24, 2023
  • UK to Mandate Declaration of Crypto Holdings in Tax Forms March 24, 2023

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

No Result
View All Result
  • Home
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?