The Met to Return $550,000 Donation from Defunct Crypto Exchange FTX

Market

Thu, 28 Sep 2023, 11:18 AM
UTC
English

한국어

Business

Link copied

The Met to Return $550,000 Donation from Defunct Crypto Exchange FTX

Revered Museum Makes Bold Move to Reimburse Funds Received Prior to FTX's Financial Collapse

Tue, 06 Jun 2023, 05:20 am UTC

In a surprising turn of events, the renowned Metropolitan Museum of Art (the Met) announced its decision to return a generous donation of $550,000 received from the defunct crypto exchange, FTX. This unexpected move by the Met comes as a twist in the ongoing saga surrounding FTX's financial collapse in November.

The Met unveiled its plan to reimburse the funds in a report submitted to the U.S. Bankruptcy Court of Delaware, the very same courtroom where FTX's bankruptcy proceedings began. The museum, located in New York City, made this daring decision, illustrating its commitment to maintaining ethical and transparent practices.

The donation of $550,000 was split into two substantial installments, with $300,000 received in March and an additional $250,000 in May of the preceding year. These contributions were facilitated by West Realm Shires Services, the entity responsible for operating FTX.US.

Following the completion of FTX's bankruptcy paperwork, the team behind the fallen exchange has been actively seeking to recover its donated funds from politicians and various entities since December of the previous year.

According to court documents, FTX displayed a philanthropic spirit by distributing a significant $93 million in charitable donations between March 2020 and November 2022. However, data compiled by Unusual Whales indicates that out of nearly 180 U.S. politicians who received funds from FTX, only 19 have either repaid the donations or expressed their intent to do so.

The Metropolitan Museum of Art, widely known as the Met, stands as one of the world's largest and most esteemed art museums. Situated in New York City, it houses an extensive collection spanning 5,000 years of global culture, encompassing ancient artifacts and contemporary works. The Met serves as a vital center for cultural education and appreciation, playing a significant role in the preservation and promotion of the arts.

TokenPost | [email protected]