The Metropolitan Museum of Art finally returned the donation that it received from the FTX exchange before the exchange’s bankruptcy.
FTX was a popular crypto exchange. The services of this exchange were available globally. Exchange was itself very big & successful but still collapsed badly in Nov 2022. Allegedly, FTX co-founder & former CEO Sam Bankman-Fried (SBF) misused the customer’s fund for personal benefits & huge amounts of undisclosed donations to several friends, Politicians, & charity trusts.
On 2 June 2023, FTX debtors filed a document in the United States Bankruptcy Court in Delaware, in which they mentioned that the Metropolitan Museum of Art (MET) returned $550,000 funds to the FTX exchange. The same fund was received by this museum by the FTX exchange between Q2-Q3 March of last year.
As per available information, on behalf of the court documents submitted by the FTX bankruptcy team, FTX released nearly $93 million in donations between March 2020 and November 2022.
Nearly 180 US politicians received donations from the FTX exchange in the past and so far only 17 politicians returned or decided to return the donations.
In Feb of this year, FTX ex-CEO SBF faced charges of over $42 million in dark political donations. The list of all the politicians is available in public, who received donations from the FTX exchange.
In early of this year, FTX issued a legal notice to all the firms/entities/individuals to return the funds to the FTX exchange, under the leadership of current CEO John Ray lll.
FTX bankruptcy team confirmed that it will initiate legal action against those, who will not return the funds. So far more than $7 billion has been raised & it is expected that FTX CEO wants to revive the platform in early 2024.
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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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