In May of the previous year, the Metropolitan Museum of Art received a sum of $550,000 through two separate payments. These contributions were coordinated by West Realm Shires Services, the company behind FTX.US.
Following the cryptocurrency exchange FTX’s bankruptcy in November, the Metropolitan Museum of Art has decided to return the $550,000 contribution it received. In a recent filing with the United States Bankruptcy Court in Delaware on June 2, the museum, based in New York, reaffirmed its intention to reimburse the funds to FTX creditors.
According to the Metropolitan Museum of Art, the arrangement to return the $550,000 donation was reached through “good faith, arm’s length negotiations” between the museum and FTX’s creditors. Previously, the Met had received a total of $550,000 in two separate payments: $300,000 in March 2022 and an additional $250,000 in May of the same year.
Significant Donations Preceded FTX’s Bankruptcy
West Realm Shires Services, the company behind FTX.US, was responsible for coordinating the contributions. Approximately one month after filing for bankruptcy in Delaware, FTX’s management initiated efforts to recover political and other donations it had previously made.
According to court records, FTX made donations totaling $93.0 million between March 2020 and November 2022. However, only 19 out of approximately 180 U.S. politicians who received funds from the crypto exchange have returned the money or expressed their intention to do so, as reported by Unusual Whales. Additionally, Market Watch highlights that FTX donated over $27 million to the “Protect our Future PAC.”
Also Read This Related: FTX debtors dispute Genesis’ claim of zero value for ‘critical’ claims.
In a significant move to address the legal challenges arising from the FTX collapse, a Delaware court has advanced the resolution process by referring an appeals case concerning the appointment of an independent investigator to the US Third Circuit Court of Appeals. The government and several Senators joined forces to call for an unbiased investigation into FTX’s bankruptcy proceedings.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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