• The Metropolitan Museum of Art in New York has declared its intentions to return $550,000 it received from FTX, a cryptocurrency exchange that folded last November.
• This repayment results from “good faith, arm’s length negotiations” with FTX’s debtors.
• FTX donated $93 million between March 2020 and November 2022 to various organizations and politicians.
Met Museum Refunding Donations From FTX
The Metropolitan Museum of Art in New York has declared its intentions to return $550,000 it received from FTX, a cryptocurrency exchange that folded last November. This repayment results from “good faith, arm’s length negotiations” with FTX’s debtors.
FTX Donations Overview
FTX contributed the amount in two tranches; $300,000 in March 2022 and another $250,000 two months later, in May. West Realm Shires Services facilitated these donations to the firm that operated FTX.US. Court documents reveal that FTX donated $93 million between March 2020 and November 2022 to various organizations and politicians including the Protect our Future PAC which received approximately $27 million.
FTX Trading Ltd. and its affiliated creditors voluntarily filed for bankruptcy protection on November 11 and 14th 2022 which was approved by the court who allowed them to keep control of their companies as debtors-in-possession while running their businesses as usual under Chapter 11 cases which may be jointly administered since the court previously approved this.
Return Of Donations
Since December when they filed for bankruptcy protection, FTX’s management has endeavored to recover their donations from various organizations and politicians with only 19 out of 180 US politicians who have either returned or indicated their intent to do so while The Metropolitan Museum of Art is refunding the largest donation at $550k after expressing a desire to return it following good faith negotiations with their debtors
The Metropolitian Museum of Art is returning donations made by crypto exchange FTX through good faith negotiations with their debtors while many other organizations are still trying to reclaim funds given away before filing for bankruptcy protection last year indicating a need for better regulation within this industry