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The Metropolitan Museum of Art, the largest art museum in the Americas had received millions of dollars in donations from FTX, a crypto exchange that collapsed in November.
Now, according to the court filings on Friday, the Met Museum of Art in New York has finally decided to return $550,000 in donations to the bankrupt crypto company FTX.
Agreement Reached Without Legal Proceedings
The court document states that the museum has agreed to fully refund the payments it received from FTX’s U.S. entity, West Realm Shires Services, which were made in March and May last year.
Moreover, the agreement has been reached without the need for any further legal proceedings.
The filing by FTX stated that the Met wishes to refund the donations to the FTX Debtors as a result of “good faith, arm’s length negotiations” on behalf of both parties involved.
FTX’s Donations To Met Museum
Moreover, the repayment has to be made within one month post judicial approval.
Reportedly, the court documents reveals that West Realm Shires Services initially donated $300,000 to the Museum last year in March before the digital assets industry plunged into the present Crypto Winter.
An additional $250,000 was donated to the museum in May.
Under the leadership of FTX’s founder and former Chief Executive Officer, Sam Bankman-Fried, the exchange actively supported philanthropic endeavors through the concept of effective altruism.
The funds raised by FTX were utilized to contribute to several commendable causes.
However, with new management in place, the estate is now aiming to recover company made donations in order to repay creditors, which may include significant political donations that were previously made.
Met Museum is the latest organization to return FTX-linked funds after the bankrupt crypto company asked for refund of their donations to politicians before it collapsed last year.
FTX on the other hand had first announced its intention to try to claw back millions of dollars in political donations to celebrities, charities and Republican and Democratic politicians in December last year.
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