The Metropolitan will return $550,000 from the FTX crypto exchange

The Metropolitan will return $550,000 from the FTX crypto exchange

Author: Robert Strickland (crypto-journalist)

The Metropolitan will return $550,000 from the FTX crypto exchange

New York's Metropolitan Museum of Art will return $550,000 in donations received from the Spring 2022 FTX cryptocurrency exchange
After negotiations, the museum has decided to give back funds received in Spring 2022 from Sam Bankman-Fried

The Metropolitan Museum will return the $550,000 it previously received as a donation from the cryptocurrency exchange FTX. According to court documents, after negotiations, the museum agreed to hand over to the bankrupt exchange's trustees the funds it received in spring 2022 from the FTX group.

Donations to it were transferred through the exchange's subsidiary West Realm Shires Services. The firm sent $300,000 to the museum in March 2022 and then another $250,000 in May.

FTX managers began demanding refunds from the recipients of the donations from former exchange chief Sam Bankman-Fried and his former colleagues back in late December 2022. The company said that if such payments are not returned voluntarily, FTX representatives intend to go to bankruptcy court to demand the return of not only the funds themselves but also the interest that will accrue from the date of filing with the court.

Earlier, the University of Toronto agreed to refund nearly $500,000 it received from FTX, according to Decrypt. The publication also reported that the nonprofit news portal ProPublica said it would return the $1.6 million it received in grants from the Building a Stronger Future family foundation run by Bankman-Fried and his brother Gabe.

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