The Metropolitan Museum of Art (Met) is returning $550,000 in donations it received from cryptocurrency exchange FTX before its collapse in November.
the new york museum confirmed its intent to return the funds to FTX’s debtors in a brief filed with the Delaware Bankruptcy Court on June 2, the same court in which FTX initiated its bankruptcy proceedings.
The Met stated that the settlement had been reached after “good faith and arm’s length negotiations” with the FTX debtors:
“The Met wishes to return the donations to the FTX debtors, and the FTX debtors and the Met have entered into good faith and arm’s length negotiations regarding the return of the donations.”
The $550,000 was paid to the Met in two separate installments: the first $300,000 was paid in March 2022, while the additional $250,000 came two months later, in May.
The donations were facilitated by West Realm Shires Services, the company that ran FTX.US.
FTX’s board has been trying to recover its donations from politicians and other organizations since December, about a month after filing for bankruptcy in Delaware.
FTX doled out $93 million in donations between March 2020 and November 2022, according to court documents.
Of the approximately 180 US politicians who have received FTX funds, only 19 have returned their funds or indicated their intention to do so, according to data from Unusual Whales.
BREAKING: FTX founder Sam Bankman-Fried is charged with more than 300 illegal political donations.
He has given $42 million to Democrats & “dark money” to Republicans.
But there hasn’t been a full list of the politicians.
Click here to see: pic.twitter.com/CezXTKq7cQ
— unusual_whales (@unusual_whales) February 23, 2023
“Protect our Future PAC” was the largest recipient of FTX, with some USD 27 million, according to Market Watch data.
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