The Metropolitan Museum of Art in New York has announced its decision to return $550,000 in donations it received from FTX prior to the collapse of the crypto exchange in November. According to court filings made on Friday, the museum has agreed to return the full amount of the payments, which were made in March and May of the previous year by FTX’s U.S. entity, West Realm Shires Services. The decision to return the donations without further litigation was outlined in the court document.
In the filing by FTX, it was stated that “The Met wishes to return the Donations to the FTX Debtors, and the FTX Debtors and the Met have engaged in good faith, arm’s length negotiations concerning the return.” As per the agreement, the repayment is expected to be made within one month of receiving judicial approval.
The founder and former Chief Executive Officer of FTX, Sam Bankman-Fried, was known for promoting effective altruism and utilizing funds raised by the exchange to support various worthy causes. However, with FTX now under new management, the estate is looking to recover the donations made by the company to repay its creditors, which may include significant political donations.
The decision by the Metropolitan Museum of Art to return the funds signifies their commitment to resolving the matter amicably. By returning the donations, they are facilitating FTX’s efforts to address its financial obligations and settle its debts.
