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According to reports, Polaris Ventures, a charity founded by former FTX and Alameda chief of staff Ruairi Donnelly, sought approximately $150 million from employee token sales of the bankrupt exchange. On February 14, the Wall Street Journal reported that Donnelly's salary at FTX was approximately $562,000. The public was not informed that his salary had been converted into FTT at a rate of $0.05. The report says that the former executive gave Polaris Ventures the tokens and sold them for $1 when public trading started in 2019 and 2020, making millions. The token was given to the Swiss charity that he co-founded by FTX. In addition, the foundation made millions of dollars selling the tokens after they were traded on the open market for one dollar in 2019 and 2020.
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In November 2022, FTX filed for bankruptcy under Chapter 11; Later, numerous exchange-related wallets and funds were seized or frozen for legal proceedings. During the public scrutiny of FTX and Alameda, as well as the former CEOs of those companies, Donnelly is reportedly planning to withdraw the $150 million. Polaris' $30 million worth of assets remained out of reach as FTX dealt with the Chapter 11 bankruptcy. At the time of this writing, the report states that the business had assets totaling approximately $150 million. In December, the exchange's debtors stated that they would arrange for the return of funds donated to charities or campaign contributions and threatened legal action against any organization that refused to pay interest. Throughout FTX's bankruptcy proceedings in the United States, numerous regulators have announced investigations into charitable organizations. In addition, the Charity Commission for England and Wales announced in January 2023 that it had begun an investigation into Effective Ventures due to the fact that FTX was a significant contributor to the organization's funding.