TechFlow reports that on June 5, the Metropolitan Museum of Art in New York (the Met) plans to return $550,000 in donations previously contributed by the FTX cryptocurrency exchange before its bankruptcy in November last year. The New York-based museum filed documents on June 2 with the U.S. Bankruptcy Court in Delaware, confirming its intention to return the funds to FTX creditors.
Previously, the Met had held "good-faith, fair" negotiations with FTX creditors. The $550,000 in donations was made in two separate payments: an initial $300,000 paid in March 2022, followed by an additional $250,000 two months later in May. The contributions were facilitated by West Realm Shires Services, the company operating FTX.US. According to court filings, FTX donated a total of $93 million between March 2020 and November 2022.
Since FTX filed for bankruptcy in December, its management has been attempting to recover donations given to politicians and other organizations.
Data from Unusual Whales shows that among more than 180 U.S. politicians who received funding from FTX, only 19 have either returned or stated their intention to return the funds.
