ProPublica And Vox Are Returning Sam Bankman-Fried’s Funds
National news publications ProPublica and Vox are returning grants from disgraced former crypto billionaire Sam Bankman-Fried in the wake of his indictment.
ProPublica received $1.6 million from Bankman-Fried as part of a $5 million grant to fund reporting about biothreats and pandemic preparedness. The investigative reporting outlet announced the money would be returned in a staff memo Tuesday, Axios first reported. A ProPublica spokesperson confirmed Axios’ report and provided the Daily Caller with the staff memo.
“Today, we are announcing that ProPublica is returning the $1.6 million in funds we’ve already received — the first of what was supposed to be a three-year, $5 million grant. In light of more recent allegations that some of Bankman-Fried’s gains may have come from fraudulent activities, it does not seem appropriate to keep these funds,” ProPublica’s co-CEOs said in the memo.
“Given the ongoing investigation into Bankman-Fried’s actions, and with the support of our board, we have moved the $1.6 million to a separate account until it’s decided by a bankruptcy judge or other legal authority where the money should be returned. We have notified counsel overseeing FTX’s bankruptcy of this decision. Further, we are terminating our relationship with Building a Stronger Future,” the ProPublica co-CEOs added.
Grants were provided to both outlets through the family foundation Building a Stronger Future, which Bankman-Fried ran with his brother, Gabe. Vox Media’s decision to return the grant money was first reported in CNN’s Monday newsletter.
Vox’s Future Perfect project was given a one-time $200,000 grant from Building a Stronger Future to “support a reporting project on technological and innovation bottlenecks that hamper human progress,” a spokesperson told the Daily Caller.
“$14,000 of the grant funds were expended prior to the news of FTX’s bankruptcy and suspected fraud. The project (and any additional expenditure of grant funds) remains on hold. If and when a restitution fund is created, Future Perfect intends to turn over the balance to that fund,” the Vox spokesperson added.
The Intercept confirmed in a statement that Building a Stronger Future gave the outlet a separate grant of $500,000. The outlet is devoted to “fearless, adversarial journalism,” its website says.
“The Intercept is very concerned about the allegations around Sam Bankman-Fried’s philanthropic giving and we are monitoring the ongoing investigation closely,” a spokesperson for The Intercept told the Daily Caller.
“As previously stated, we received $500,000 from his family foundation Building a Stronger Future, as part of a $4 million grant in support of our pandemic prevention and biosafety coverage. At this time, we are still gathering the information we need to make a principled decision in accordance with our mission and values,” the spokesperson added.
https://dailycaller.com/2022/12/20/propublica-vox-returning-sam-bankman-fried-funds/