Metropolitan Museum of Art to return $550K in donations from FTX

The Metropolitan Museum of Art (Met) is set to return $550,000 in donations it received from crypto exchange FTX prior to its collapse in November.

The New York-based museum confirmed its intention to repay the funds to FTX debtors in a filing to the United States Bankruptcy Court in Delaware on June 2 — the same court where FTX commenced its bankruptcy proceedings.

<em>Filing from the Metropolitan Museum of Art. Source: CourtListener</em>

The Met said the agreement came on the back of “good faith, arm’s length negotiations” with FTX’s debtors:

“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 of the Donations.”

The $550,000 was paid to the Met in two separate installments — the first $300,000 was paid in March 2022 while the additional $250,000 came two months later in May.

The donations were facilitated by West Realm Shires Services, the firm that operated FTX.US.

FTX’s management has been seeking to claw back its donations from politicians and other organizations since December, about a month after it filed for bankruptcy in Delaware.

FTX handed out $93 million in donations between March 2020 and November 2022, according to court documents.

Related: FTX philanthropic donations have created a complex dilemma for recipients

Of the 180 United States or so politicians to have recieved funds from FTX, only 19 have returned their funds or have signalled their intention to do so, according to data from Unusual Whales.

“Protect our Future PAC” was the largest recipient of FTX, taking in about $27 million, according to data from Market Watch.

Magazine: Unstablecoins: Depegging, bank runs and other risks loom

Source