November 2022.
FTX collapsed, and with it the largest funder the movement had ever had. What followed inside effective altruism was a year of public self-examination that its own writers described in the language of a crisis of faith.
FTX collapsed in November 2022. Its founder Sam Bankman-Fried had been the movement's largest funder — the FTX Future Fund committed around 160 million dollars to effective altruist causes during 2022 — and had been publicly presented as the exemplar of earning to give. The Future Fund's entire staff resigned within days, citing fundamental questions about the legitimacy and integrity of the operation they had been running. MacAskill wrote publicly of rage at Bankman-Fried and self-hatred at having been deceived, and noted that the community had for years emphasised integrity, honesty and respect for common-sense moral constraints, and that if customer funds were misused then Bankman-Fried had not listened. In March 2023 TIME reported that MacAskill, Nick Beckstead and Holden Karnofsky had been warned about Bankman-Fried's conduct in 2018 and 2019 — including an internal document alleging gross negligence — and that the warnings were downplayed or dismissed. Bankman-Fried was convicted on seven counts on 2 November 2023 and sentenced on 28 March 2024 to 25 years. Grant recipients, including small charities, faced clawback demands from the bankruptcy estate.
The same ground, other faiths
claims that share this one's ideasSign in to open the first thread. Everything here is attributed.