Former FTX executives have been accused of splurging millions of dollars on funding niche projects unrelated to crypto or Web3, including a $1.8 million property called “Pineapple House” in the Bahamas. The allegations were made by FTX restructuring chief and CEO John Ray in a report detailing the alleged misuse of customer funds. The report claims that the misappropriation included charitable donations made by co-founder Sam Bankman-Fried and other former executives under the non-profit FTX Foundation. Grants totaling $700,000 were given out, with $400,000 going to an entity that posted animated videos related to “rationalist and Effective Altruism material,” while another $300,000 was granted to an individual to write a book about how to figure out what humans’ utility function is. The report also alleges that around $20 million was sent to the non-profit organization Guarding Against Pandemics, Inc and related entities, which advocates for investments to prevent pandemics such as COVID-19.
International broker Sotheby’s lists a similarly named property located in The Bahamas although it’s unknown if it is the same Pineapple House listed in the report.
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