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New York’s Met Museum Agrees to Return $550K in FTX Donations
The bankrupt crypto company is seeking the return of funds sent by Sam Bankman-Fried’s empire before its November collapse.
Updated Jun 5, 2023, 9:24 a.m. Published Jun 5, 2023, 9:24 a.m.
New York’s Metropolitan Museum of Art has agreed to return $550,000 in donations it received from FTX shortly before the crypto exchange collapsed in November, according to Friday court filings.
The museum has agreed to return the payments, made in March and May last year by FTX’s U.S. entity West Realm Shires Services, in full and without further litigation, said the court document.
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“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,” said the filing by FTX, with a repayment to be made within one month of judicial approval.
FTX’s founder and former Chief Executive Officer Sam Bankman-Fried was a promoter of effective altruism, using funds raised by the exchange to support various worthy causes. Now under new management, the estate is seeking to recoup donations made by the company in order to repay creditors, including potentially sizable political donations.
Read more: How Effective Altruism Power Brokers Helped Make Sam Bankman-Fried
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