The fallen crypto billionaire claimed to want to make as much as possible to do as much good as he could. The philosophy, 'effective altruism', is well intentioned – but complicated.
for allegedly running an $8bn financial fraud following the November 2022 collapse of his crypto exchange. Now snared in controversy, at its peak in early 2022, FTX was worth $32bn . Prosecutors say Bankman-Fried, 31, used customer deposits to prop up his own risky investments in his hedge fund, Alameda Research, as well as fund a lavish lifestyle.
An early focus of EA, says Berkey, was the movement's collaboration with the Anti Malaria Foundation to donate money towards mosquito bed nets: a cheap solution to one of Sub-Saharan Africa's biggest killers. The program generated maximum gains for minimal costs."Many resources put to charitable use are often done so inefficiently," he says.
"Effective altruism focuses on utility – maximising earning potential and giving huge sums away – and tech is the sphere of smart graduates who can genuinely earn boundless incomes," adds Hobbs."For tech billionaires, effective altruism is a good PR win: it's a philosophy that says very smart, wealthy individuals are best placed to work out how their money is best spent, rather than radically redistributing their funds through progressive taxation.
Despite criticism, effective altruism has had real results in some cases. By March 2022, Giving What We Can had raised more than $2.5bn in pledges, with $8.6m donated to the UK-based Against Malaria Foundation – enough to, most of which are children under the age of five. Funds amounting to $3.7m have gone to Schistosomiasis Control Initiative and Deworm the World, enough to remove parasitic worms from 3.7m children.
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