The Metropolitan Museum of Art declared that it plans to give back the $550,000 in donations it accepted from FTX, a cryptocurrency exchange that experienced a collapse in November. Following FTX’s bankruptcy filing, the museum has agreed to give back the funds to the exchange’s creditors.
🖼️ Met Museum plays it safe: Sends #FTX‘s donation back!
📰 The Met Museum to refund $550,000 from #FTX donations after crypto exchange crumbled in November!
— Satoshi Club (@esatoshiclub) June 5, 2023
Metropolitan Museum of Art Gives Back
As per the court papers submitted on Friday, the Metropolitan Museum of Art intends to give back $550,000 in contributions to FTX Debtors. The museum’s petition highlighted the result of honest and open talks between the concerned parties. The museum has affirmed that it is determined to uphold the utmost ethical standards in all of its fundraising endeavors.
West Realm Shires Services, the company that operates FTX.US, a business catering to American clients, was the source of the donations. The Metropolitan Museum of Art was the beneficiary of these donations, amounting to a total of $550,000. The first donation of $300,000 was made in March of the previous year, followed by another $250,000 in May.
This art museum situated in New York City, showcases an extensive assortment of art from diverse regions of the world, spanning over 5000 years. Its remarkable collection has made it one of the most prominent and vast art museums globally, drawing millions of visitors every year.
FTX Tries To Get Back Donations
Following FTX’s declaration of bankruptcy, the exchange’s leaders initiated efforts to reclaim the funds they had contributed to different entities and renowned personalities. Legal documents indicate that FTX disbursed a sum of $93 million in donations between March 2020 and November 2022. The largest share of this amount, approximately $27 million, went to the “Protect Our Future PAC,”.
However, numerous challenges have hindered the efforts to retrieve the donations. According to recent data, despite the decline of FTX, only 19 out of around 180 politicians who received the funds have either returned the donations or expressed their readiness to do so. This suggests that some recipients are reluctant to cut ties with contentious donors, even after their downfall.
BREAKING: FTX founder Sam Bankman-Fried is charged with more than 300 illegal political donations.
He has given $42 million to Democrats & “dark money” to Republicans.
But there hasn’t been a full list of the politicians.
— unusual_whales (@unusual_whales) February 23, 2023