BlockBeats news, on September 10, according to Cointelegraph, Polaris Ventures, a charity organization created by former FTX and Alameda executive Ruairi Donnelly, made a profit of $150 million by trading FTT Tokens. WSJ previously revealed that Ruairi Donnelly received about $562,000 in salary during his tenure at FTX and exchanged it for FTX Tokens (FTT) at a price of $0.05, which regular investors could not purchase FTT at. Ruairi Donnelly 'donated' these tokens to Polaris Ventures and sold them at a price of $1 after public trading began in 2019 and 2020. It is reported that Ruairi Donnelly attempted to cash out $150 million amid public scrutiny of FTX and Alameda. Ruairi Donnelly's legal team stated that the FTT Tokens of the charity organization 'are not FTX funds' and do not appear to be subject to claims from other parties. However, FTX debtors stated that they will 'arrange for the return' of funds donated to charity organizations or political movements and suggested taking legal action to obtain Interest payments in case of refusal by any group.
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Former FTX executive Donnelly attempted to cash out FTT worth $150 million
BlockBeats news, on September 10, according to Cointelegraph, Polaris Ventures, a charity organization created by former FTX and Alameda executive Ruairi Donnelly, made a profit of $150 million by trading FTT Tokens. WSJ previously revealed that Ruairi Donnelly received about $562,000 in salary during his tenure at FTX and exchanged it for FTX Tokens (FTT) at a price of $0.05, which regular investors could not purchase FTT at. Ruairi Donnelly 'donated' these tokens to Polaris Ventures and sold them at a price of $1 after public trading began in 2019 and 2020. It is reported that Ruairi Donnelly attempted to cash out $150 million amid public scrutiny of FTX and Alameda. Ruairi Donnelly's legal team stated that the FTT Tokens of the charity organization 'are not FTX funds' and do not appear to be subject to claims from other parties. However, FTX debtors stated that they will 'arrange for the return' of funds donated to charity organizations or political movements and suggested taking legal action to obtain Interest payments in case of refusal by any group.