The UK Charity Commission is investigating the Effective Ventures Foundation, which is backed by Sam Bankman-Fried, founder of the now-bankrupt crypto exchange FTX.

The inquiry will assess potential risks to the charity’s assets and ensure that the trustees are fulfilling their responsibilities to protect them.

The charity reported FTX’s bankruptcy as a “serious incident” due to funds received from its philanthropic arm.

The Commission stated that there is currently no evidence of wrongdoing by the trustees, but the inquiry will help establish facts and protect the charity’s assets.

The trustees are cooperating fully and the inquiry may be expanded if further regulatory concerns arise.