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The New York-based Metropolitan Museum of Art (The Met) has agreed to return the $550,000 received from FTX earlier last year as a donation. This will help the bankrupt crypto exchange in its efforts to recoup users’ funds.
FTX Debtors to Receive $550k
According to a court document, FTX founder and former CEO Sam Bankman-Fried (SBF) donated $300,000 on March 23, 2022, to the New York-based museum through another company he founded, West Realm Shires Services. On May 13, 2022, he donated an additional $250,000 to the museum, totaling $550,000.
Following the catastrophic downfall of FTX in November, the exchange had been in dire need of funds to repay its creditors. By agreeing to return the total donation received from SBF, The Met shows its support to make all affected FTX users whole.
“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 court document stated.
The refunds are expected to occur within one month of judicial approval.
FTX Debtors Claws Back Over $7.8B
Since John J. Ray III took over as CEO of the troubled crypto exchange FTX, the company has gradually recorded a recovery of funds from multiple sources. An April report confirmed that the firm had clawed back over $7.8 billion worth of assets, as it plans to make customers whole.
Some of these funds were allegedly stuck in political affairs that SBF had involved himself in while he was CEO of the exchange. Bankman-Fried, on his part, has denied claims that he dabbled in politics.
Earlier this year, FTX’s European subsidiary debuted a web page that allows European customers to request for withdrawal of their funds.
Meanwhile, FTX’s founder SBF, who is accused of several criminal charges including wire fraud, foreign bribery, and campaign finance, declared plans a month ago to dismiss most of the charges against him.
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