March 29, 2024

New York Metropolitan Museum of Art will return $500,000 in donations from FTX

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New York Metropolitan Museum of Art will return $500,000 in donations from FTX

Metropolitan Museum of Art in New Yorksaid it would return $500,000 it received in donations from FTX, adding that the decision was the result of “good faith negotiations” between the museum and the crypto exchange.

Donations were made by West Realm ShiresServices is the company that runs the American division of the bankrupt cryptocurrency exchange FTX. According to court documents, West Realm Shires Services donated $300,000 to the museum in March 2022 and received an additional donation of $250,000 in May.

After the collapse of FTX, exchange founder SamSam Bankman-Fried was accused  in a range of financial crimes - from fraud to money laundering - to which he pleaded not guilty. He is accused of misappropriating billions of dollars in client funds to buy private real estate, donate to political campaigns and support his hedge fund Alameda Research.

In May, the US Department of Justice sentletters to members of Congress asking them to voluntarily return funds received from FTX. Back in February, FTX Group sent letters to politicians demanding the return of tens of millions of dollars that they received from the cryptocurrency exchange as donations. According to reports in the American media, we are talking about an amount of $93 million. 

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However, there are also politicians who have stated that they have already given donations to charity. In response, the bankruptcy trustees of FTX warned: lawyers will do everything to return the funds.