FTX Initiates Investigation into $6.5 Million Payments to AI Safety Group Amid Bankruptcy Proceedings


Crypto exchange FTX, currently undergoing bankruptcy proceedings, is launching an inquiry into $6.5 million in payments it made to the Center for AI Safety (CAIS), a non-profit organization emphasizing the global importance of AI safety. FTX is seeking to understand the nature of these payments, the agreements, and contracts associated with them.

Background:

FTX made the payments to CAIS between May and September 2022, several months before its bankruptcy declaration. As part of its recovery efforts, FTX is keen on recovering funds to repay creditors and customers affected by the exchange's collapse. The investigation into these payments to CAIS is a significant aspect of this process.

CAIS and Its Stance on AI Safety:

CAIS is known for its strong stance on AI risk and safety. In May, the organization released a statement highlighting the need to prioritize mitigation of AI-induced extinction risks, placing it alongside concerns like pandemics and nuclear war. Prominent figures in the AI industry, including OpenAI CEO Sam Altman and AI pioneer Geoffrey Hinton, endorsed this statement.

FTX's Subpoenas:

FTX aims to gather detailed information from CAIS regarding the payments it received. The exchange is seeking communications, documents, and records of transfers associated with these transactions. FTX's inquiries extend to individuals related to FTX, including co-founders Sam Bankman-Fried and Gary Wang, as well as other executives, contractors, or employees connected to the exchange.

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