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Sam Bankman-Fried, The founder of the FTX platform wants to donate his fortune

Sam Bankman-Fried was called before parliament this week and announced that he would give away almost all of his accumulated wealth. He mentioned causes such as animal welfare and global warming.

Sam Bankman-Fried, The founder of the FTX platform wants to donate his fortune


For once, Sam Bankman-Fried donned a suit and tie, abandoning his traditional hoodie and dark T-shirt for a hearing before US senators. The 29-year-old multi-billionaire was summoned by lawmakers this week to discuss the regulation of digital assets in his capacity as co-founder and chief executive of the cryptocurrency exchange FTX.

Less than three years after its creation, the company has just been valued at $32 billion, a capitalisation that brings it close to the giants Coinbase and Binance. The personal fortune of Sam Bankman-Fried, who has become one of the most famous faces in cryptocurrencies, is estimated at nearly $25 billion by Forbes magazine, making him the 68th richest man on the planet. "The tone was pretty consensual," the young boss told AFP. "Many senators genuinely want to know more about this market and how the government can better oversee it.

He has already donated between 50 and 100 million dollars to various causes

Despite his billions, Sam Bankman-Fried claims to live a Spartan lifestyle, getting only four hours of sleep a night and having no plans to start a family. He identifies with the trend of effective altruism, which aims to direct donations and resources in the best possible way through a detailed analysis of their effects. "The question is not only how to do good deeds during his lifetime, but what to focus on," explains the young man, who has pledged to give away almost all of the wealth he has accumulated.

He estimates that he has already donated between 50 and 100 million dollars to causes such as the fight for animal welfare (he himself is vegan), against neglected tropical diseases or against global warming.

When asked about the ecological impact of bitcoin, potentially at odds with his commitment to the climate, the entrepreneur says he is convinced that the process of creating the cryptocurrency as well as the transactions will increasingly be done using renewable energy. The group also took out an advert for the Super Bowl on Sunday, promising bitcoin prizes to viewers who guessed the exact time the spot would air.

Aware of the staggering sums he raises, Sam Bankman-Fried, who was among the biggest donors to Joe Biden's 2020 presidential campaign, has no problem with the amounts being made public. "If you're trying to have a strong positive impact on the world, these are things that people are going to know about," he said.

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