The Metropolitan Museum of Art agrees to return $550,000 in donations from FTX

The cases related to the collapse of the FTX empire are far from over. The Metropolitan Museum of Art will return $550,000 in donations it received from FTX. It follows an agreement between the museum and debtors of the now defunct company. FTX reportedly distributed several million dollars in donations to politicians and organizations over two years. She is now trying to get them back.

An agreement reached with the debtors of the bankrupt exchange

The Metropolitan Museum of Art said it will return $550,000 in donations it received from FTX before it collapsed last November. Indeed, the museum filed in the United States Bankruptcy Court in Delaware on June 2. This is the same court where the exchange began its bankruptcy proceedings. This decision follows an agreement reached with the debtors of FTX.

According to the Met, the agreement was reached following good faith and arm’s length negotiations regarding the return of the donations. Donations in the amount of $550,000 will thus be paid to debtors of FTX. The Met received this amount in two separate installments. The first is $300,000, paid in March 2022 and the second is $250,000, paid in May 2022.

FTX wishes to recover the donations distributed

West Realm Shires Services, the company that managed FTX US handled the donations. According to court documents, FTX distributed $93 million in donations between March 2020 and November 2022 to politicians and organizations. Moreover, the founder of this fallen empire, Sam Bankman-Fried, is accused of more than 300 illegal political donations. He gave $42 million to Democrats and “black moneyto Republicans.

After filing for bankruptcy in Delaware, FTX sought to recover the donations it had distributed. According to data from Unusual Whales, some 180 US politicians have received funds from FTX. However, only 19 have returned their funds or declared their intention to do so.