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New York’s Met Museum Agrees to Return $550K in FTX Donations
The bankrupt crypto company is seeking the return of funds sent by Sam Bankman-Fried’s empire before its November collapse.
New York’s Metropolitan Museum of Art has agreed to return $550,000 in donations it received from FTX shortly before the crypto exchange collapsed in November, according to Friday court filings.
The museum has agreed to return the payments, made in March and May last year by FTX’s U.S. entity West Realm Shires Services, in full and without further litigation, said the court document.
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“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,” said the filing by FTX, with a repayment to be made within one month of judicial approval.
FTX’s founder and former Chief Executive Officer Sam Bankman-Fried was a promoter of effective altruism, using funds raised by the exchange to support various worthy causes. Now under new management, the estate is seeking to recoup donations made by the company in order to repay creditors, including potentially sizable political donations.
Read more: How Effective Altruism Power Brokers Helped Make Sam Bankman-Fried
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Fintech and Crypto Firms Seek Bank Charters Under Trump Administration: Reuters
Financial technology and crypto firms are increasingly applying for state or national bank charters, despite the community’s historical resistance to centralized banking.
What to know:
- Fintech and crypto firms are increasingly applying for bank charters, anticipating a more favorable regulatory landscape.
- Becoming a bank allows firms to accept deposits and lower borrowing costs but brings stricter oversight.
- Regulatory bodies have historically approved few new bank charters, though recent signals suggest a more streamlined process.
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