Art Museum's Jaw-Dropping Decision: Returns $550K Crypto Donations

Art Museum's Jaw-Dropping Decision: Returns $550K Crypto Donations
The Metropolitan Museum of Art has decided to return a generous sum of $550,000 in donations that it had received from the cryptocurrency exchange FTX before the exchange's unfortunate collapse in November.

In a recent filing to the United States Bankruptcy Court in Delaware, The Metropolitan Museum of Art, located in New York, officially affirmed its commitment to reimburse the funds to FTX debtors. This court holds significance as it is the same venue where FTX initiated its bankruptcy proceedings. The museum's decision to repay the funds demonstrates its dedication to fulfilling its financial obligations.

The Metropolitan Museum of Art stated that the agreement was reached through sincere and impartial negotiations with FTX's debtors. The museum's commitment to engaging in good faith discussions underscores their intention to find a fair resolution that benefits all parties involved.

“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 Met received the sum of $550,000 in two distinct installments. The initial payment of $300,000 was made in March 2022, followed by an additional payment of $250,000 in May of the same year. This demonstrates that the donations were made to the museum in two separate transactions.

The donations were facilitated through the assistance of West Realm Shires Services, the company responsible for operating FTX.US.

Since December, FTX's management has been actively working to recover the donations it made to various politicians and organizations. This effort began approximately one month after FTX filed for bankruptcy in Delaware.

According to court documents, FTX distributed a substantial amount of $93 million in donations between the periods of March 2020 and November 2022. This significant figure highlights the extent of FTX's philanthropic endeavors during that timeframe.

According to data provided by Unusual Whales, out of the approximate 180 politicians in the United States who received funds from FTX, only 19 have taken the step of returning the donations or have expressed their intention to do so. This information highlights that a relatively small proportion of the recipients have taken action to address the situation regarding the funds received from FTX.

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