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News

FTX AI Safety Funding Of $6.5 Million Is Under Investigation: Report

October 26, 2023 - Around 2 mins mins to read

Key Points:

  • FTX is demanding information about millions of dollars given to the Center for AI Safety (CAIS) for studying AI risks.
  • FTX wants an accounting of the $6.5 million paid to CAIS between May and September 2022 and is seeking permission to issue subpoenas for related documents.
According to BBG, $6.5 Million of FTX AI safety funding given to CAIS is under investigation. FTX seeks subpoenas to recover funds and investigate prior payments.
FTX AI Safety Funding Of $6.5 Million Is Under Investigation: Report

FTX, a now-bankrupt cryptocurrency firm, is asking the Center for AI Safety (CAIS) to provide information regarding the $6.5 million paid to CAIS between May and September 2022 for studying the risks of artificial intelligence (AI).

CEO John J Ray III is seeking an accounting of these transfers and permission to issue subpoenas to CAIS for related documents and information. Added to this, FTX’s advisers are investigating substantial payments made before the bankruptcy filing, including payments to celebrity endorsers, Bankman-Fried’s parents, and Stanford University.

For those unaware, CAIS is a nonprofit organization that focuses on AI safety and conducts research to address potential concerns and make AI safer. In May, CAIS released an open letter signed by over 350 executives and researchers, warning about potential existential risks posed by AI. Before its collapse, FTX was known for its support of effective altruism and philanthropic initiatives.

CAIS rejected to provide the information of FTX AI Safety Funding

FTX is requesting subpoenas due to the organization’s refusal to provide an accounting voluntarily. It is common for bankrupt companies to seek documents and information related to payments made prior to the bankruptcy filing.

The requested subpoenas seek documents related to any assets or funds received by CAIS from FTX or its affiliates and any documents and communications related to FTX Philanthropy Inc., FTX Foundation, or FTX Future Fund.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

AI Safety

CAIS

Center for AI Safety

FTX

FTX Advisor

Author

Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.
News

FTX AI Safety Funding Of $6.5 Million Is Under Investigation: Report

Key Points:

  • FTX is demanding information about millions of dollars given to the Center for AI Safety (CAIS) for studying AI risks.
  • FTX wants an accounting of the $6.5 million paid to CAIS between May and September 2022 and is seeking permission to issue subpoenas for related documents.
According to BBG, $6.5 Million of FTX AI safety funding given to CAIS is under investigation. FTX seeks subpoenas to recover funds and investigate prior payments.
FTX AI Safety Funding Of $6.5 Million Is Under Investigation: Report

FTX, a now-bankrupt cryptocurrency firm, is asking the Center for AI Safety (CAIS) to provide information regarding the $6.5 million paid to CAIS between May and September 2022 for studying the risks of artificial intelligence (AI).

CEO John J Ray III is seeking an accounting of these transfers and permission to issue subpoenas to CAIS for related documents and information. Added to this, FTX’s advisers are investigating substantial payments made before the bankruptcy filing, including payments to celebrity endorsers, Bankman-Fried’s parents, and Stanford University.

For those unaware, CAIS is a nonprofit organization that focuses on AI safety and conducts research to address potential concerns and make AI safer. In May, CAIS released an open letter signed by over 350 executives and researchers, warning about potential existential risks posed by AI. Before its collapse, FTX was known for its support of effective altruism and philanthropic initiatives.

CAIS rejected to provide the information of FTX AI Safety Funding

FTX is requesting subpoenas due to the organization’s refusal to provide an accounting voluntarily. It is common for bankrupt companies to seek documents and information related to payments made prior to the bankruptcy filing.

The requested subpoenas seek documents related to any assets or funds received by CAIS from FTX or its affiliates and any documents and communications related to FTX Philanthropy Inc., FTX Foundation, or FTX Future Fund.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.