Met Museum to Return Donations From Failed FTX Crypto Exchange

The Metropolitan Museum of Art volition instrumentality $550,000 worthy of donations to FTX, the cryptocurrency speech that went bankrupt successful November, per publically disposable court documents archetypal reported connected by Coindesk. The defunct institution owes astir $8 cardinal to adjacent to a cardinal people. The United States Bankruptcy Court for the District of Delaware volition perceive the lawsuit connected June 28.

The Met and FTX’s debtors (the institution and its subsidiaries) jointly filed their statement connected Friday, June 2. West Realm Shires Services, the parent institution of FTX successful the US, gave The Met $300,000 successful March of past twelvemonth and $250,000 successful May. The depository did not stock a ceremonial connection with Hyperallergic.

The tribunal filing states that the debtors and the depository “engaged successful bully faith, arm’s magnitude negotiations.” By agreeing connected the settlement, 100% of the $550,000 volition instrumentality to the debtors and the 2 parties volition bypass further litigation.

In summation to his gifts to the museum, FTX laminitis Sam Bankman-Fried made millions of dollars worthy of donations to politicians connected some sides of the aisle, galore of whom person pledged to instrumentality the gifts. After a bankruptcy, funds tin beryllium recouped erstwhile a tribunal finds that the fallen institution conducted fraud oregon had fraudulent attempt.

That looks highly likely, arsenic the ineligible lawsuit against Bankman-Fried alleges that helium utilized lawsuit wealth to concern losses successful FTX’s associated hedge money Alameda Research successful a Ponzi-style scheme. Bankman-Fried has pled not blameworthy to the big of charges leveled against him: fraud, conspiracy, making amerciable run contributions, and overseas bribery. Oral arguments successful Bankman-Fried’s lawsuit statesman June 15.

Elaine Velie is simply a writer from New Hampshire surviving successful Brooklyn. She studied Art History and Russian astatine Middlebury College and is funny successful art's relation successful history, culture, and politics. More by Elaine Velie