FTX pledged $600,000 to an anti-racist non-profit, but the money never arrived and Sam Bankman-Fried's father wrote to apologize
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The FTX logo is seen at the FTX Arena in Miami, Fla.Marco Bello/Reuters
Sam Bankman-Fried's father offered $600,000 to anti-racism program EAT on behalf of FTX.
But the money never came after the company went bankrupt.
SBF's father told the charity he was "heartbroken" but was spending his money defending his son.
FTX pledged $600,000 to a Chicago-based nonprofit, but the money never arrived after the company's nonprofit arm lost its funds and fired its employees, the New York Times reported.
Sam Bankman-Fried's father, Joseph Bankman, recommended programs that help close the racial wealth gap, which he believes FTX should donate to.
One such organization was Chicago-based Equity and Transformation, abbreviated EAT. It works to dismantle racism and give a voice to ex-prisoners and "informal workers" which include sex workers and people who sell fake DVDs.
Bankman emailed Richard Wallace, the founder of EAT, and offered to donate on behalf of FTX. The crypto exchange then pledged to give the nonprofit $600,000, and the news was tweeted by think tank members after a consulting firm hired by FTX urged them to praise the program.
But when FTX filed for bankruptcy on Nov. 11, Bankman wrote to Wallace to express his sadness that the money wasn't going through.
The crypto exchange's charitable arm, the FTX Foundation, had no funds and all employees had resigned.
Bankman, a law professor at Stanford University, told Wallace he would have funded half of the $600,000 himself if FTX could have contributed the other half.
He said he couldn't donate the entire sum himself because: "I'm going to spend essentially all of my resources on Sam's defense."
Reuters reported that Bankman-Fried's parents were signatories to a luxury beach-access home in a gated community in the Bahamas that documents said was a "vacation home." A spokesman for the couple said they tried to return ownership of FTX.
After the New York Times report was published on Tuesday, Wallace tweeted, "The billionaire class has often used the trauma and injustices in black communities to build power and influence by leveraging their resources in the form of grants and donations. "
"These grants and donations are never big enough to address the real causes of injustice, but the grants give them the social capital," he added.
Bankman, Wallace and FTX did not respond to Insider's request for comment.
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