Cryptocurrency

ESG firm raises eyebrows for ranking collapsed crypto giant FTX higher on governance than Exxon Mobil

FactSet's Truvalue Labs says viral tweet was 'cropped to omit' that the now-collapsed crypto firm had been given an overall 'laggard' score compared to industry peers

Mining cryptocurrencies requires vast amounts of electricity, which is often coal-generated
Mining cryptocurrencies requires vast amounts of electricity, which is often coal-generated Photo: Getty Images

AI-driven ESG ratings firm Truvalue Labs has defended its methodology after awarding collapsed crypto giant FTX a higher score for governance than Exxon Mobil.

A screenshot of an ESG analysis for FTX — by FactSet-owned Truvalue Labs — went viral on 13 November, showing Sam Bankman-Fried’s embattled FTX scoring higher for ‘Leadership & Governance’ than oil giant Exxon Mobil. FTX filed for bankruptcy on 11 November.

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