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Fulfilled museum to refund $550k in donations from FTX

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In the aftermath of FTX’s personal bankruptcy, The Metropolitan Museum of Art confirms its determination to return $550,000 in donations from the crypto trade.

The Metropolitan Museum of Art, New York, has declared its intentions to refund $550,000 it gained from FTX, a cryptocurrency trade that folded previous November. The museum stated its selection in a submission to the US Bankruptcy Court docket in Delaware on June 2, where FTX started off its personal bankruptcy proceedings.

The reimbursement outcomes from “good religion, arm’s duration negotiations” with FTX’s debtors, with the museum expressing a need to return the donations.

FTX contributed the amount of money in two tranches $300,000 in March 2022 and yet another $250,000 two months afterwards, in May perhaps. West Realm Shires Products and services facilitated these donations to the agency that operated FTX.US.

Other FTX donations

Given that December, a month immediately after submitting for personal bankruptcy, FTX’s administration has endeavored to get better its donations from different companies and politicians. Court docket files expose that FTX donated $93 million concerning March 2020 and November 2022.

However, only 19 of about 180 US politicians who obtained money from FTX have both returned the donations or indicated their intent to do so. The “Protect our Upcoming PAC” is the most significant FTX beneficiary, obtaining approximately $27 million, per Sector Check out facts.

FTX Investing Ltd. and its affiliated lenders voluntarily submitted for bankruptcy security on November 11 and 14, 2022. As debtors-in-possession, they preserve handle of their corporations and retain them operating. The Chapter 11 circumstances could be jointly administered because the court earlier authorized this.

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Metropolitan Museum of Art to Refund $550K in Donations from FTX

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Source: AdobeStock / Александр Поташев

The New York-based Metropolitan Museum of Art will return more than half a million dollars in donations it received from the now-defunct crypto exchange FTX.

The popular US museum, known as the Met, is set to refund $550,000 to FTX debtors, according to a filing to the United States Bankruptcy Court in Delaware. 

The filing states that,

“The Met wishes to return the Donations to the FTX Debtors, and the FTX Debtors and the Met have engaged in good faith, arm’s length negotiations concerning the return of the Donations.” 

The donations were given in 2022, prior to the FTX collapse in November. The Met received $300,000 in March and $250,000 in May.

Both installments were facilitated by the FTX.US operator, the company called West Realm Shires Services.

The debtors argued that the terms of the proposed stipulation “fall well within the range of reasonableness” and should be approved by the court.  

They said that,

“The Stipulation provides the Debtors’ estates and their stakeholders with a recovery of 100% of the Donations, without litigation and the significant costs attendant thereto.” 

In return, the filing said, the two parties would receive mutual releases of any and all claims related to the donations. 

Finally, the debtors argued that this is the best course of action for them and the Met, writing that,

“Given that the agreement in the Stipulation for the Met to return the full amount of the Donations to the Debtors without the need for litigation and the incurrence of costs associated therewith, the Debtors have determined that entry into the Stipulation is in the best interests of the Debtors’ estates.”

Millions Given Away

As part of the bankruptcy proceedings, the new leadership of FTX has been trying to recuperate as much of the donated funds as possible since December last year, following the exchange’s fall a month prior. 

But this is no easy task. FTX and its former CEO Sam Bankman-Fried made donations to politicians, celebrities, and reportedly various charities. 

In October 2022, the FTX Foundation, set up by Bankman-Fried, reported that it had given away $140 million. 

After FTX collapsed, the US Justice Department alleged that the donations were a result of criminal money laundering and that payments violated campaign finance rules.

The political donations made at the direction of Bankman-Fried reportedly amounted to hundreds of millions of dollars.

It was also said that the former FTX boss donated some $5.2 million to Joe Biden’s 2020 presidential campaign and well over $40 million to other Democrats ahead of the 2022 midterm election.

By March 2023, the funds returned to the bankrupt exchange made up just 2.2% – or $1 million – of the money Bankman-Fried donated to political candidates from the Democratic Party. 

Of the $1 million, the Democratic National Committee (DNC) said it would return $850,000 to FTX.

You can read more about the case below.

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Learn more:

– FTX Exchange Objects to Prolonged Mediation Talks with Bankrupt Genesis – Here’s the Latest – US Government’s Push for FTX Inquiry Reaches Court of Appeals – Here’s the Latest

– Sam Bankman-Fried Leverages Law Firm Advice for FTX Fraud Defense – The U.S. Justice Department Awaits Bahamas Response Regarding New Charges Against Sam Bankman-Fried

– How to Choose a Cryptocurrency Exchange? – Why It Is Risky To Leave Your Cryptocurrency In Exchange

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