FTX splurged on cartoon, book about humans and ‘Pineapple House,’ alleges CEO

Former FTX executives supposedly splurged millions on funding niche projects unassociated to crypto or Web3, consisting of an uniquely called $1.8 million “Pineapple house.” A June 26 report from FTX restructuring chief and CEO John Ray laid out the usages of the apparently misappropriated consumer funds.According to the report, this included “charitable” contributions made by the exchanges co-founder Sam Bankman-Fried and other previous executives under the non-profit FTX Foundation.Detailed were $700,000 worth of FTX Foundation “grants,” $400,000 of which were provided to “an entity that published animated videos on YouTube related to rationalist and [Effective Altruism] product,” the report alleged.Another $300,000 grant was provided to an individual to” [w] rite a book about how to determine what people utility function is (are).” Highlighted excerpt of Rays report detailing the projects allegedly moneyed utilizing FTX client funds. Source: KrollRay alleged these “grants” utilized FTX client funds combined in various savings account controlled by FTX, Alameda Research and numerous other entities.The report also notes a $1.8 million home called “Pineapple House” among FTXs $243 million Bahamian real estate portfolio– which was all apparently bought utilizing client funds.damn, the property industry has been friendly to mr. squarepants pic.twitter.com/uqwGw4wGNz— Molly White (@molly0xFFF) June 27, 2023

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International broker Sothebys lists a likewise named residential or commercial property located in The Bahamas although its unknown if it is the very same Pineapple House noted in the report.Related: Tokenized FTX claim is used as collateral for a loanOther utilizes of the supposed commingled client funds detailed by Ray included around $20 million sent to the non-profit organization Guarding Against Pandemics, Inc and “associated entities.” As the name recommends, Guarding Against Pandemics advocates for investments to avoid pandemics such as COVID-19 based on its website.According to Ray, it “worked carefully” with the similarly called political action committee Guarding Against Pandemics PAC run by Gabe Bankman-Fried– the younger brother of Sam Bankman-Fried. Magazine: Tornado Cash 2.0– The race to develop safe and legal coin mixers