The Metropolitan Museum of Art in New York;has decided to;return $550,000 in donations received from the bankrupt crypto exchange FTX.;
The donation was made by FTX's U.S. entity, West Realm Shires Services, in March and May 2022.;
The museum will repay the amount within one month of the court approval in full and without a need for further legal process.
- The move came nearly two months after the FTX's attorney,;Andy Dietderich, said the firm was assessing the possibility of relaunching the exchange with its stakeholders, adding that the company recovered over $7.3B of crypto assets in cash and liquid.
- At the time, Deitderich also underlined that a possible restart would require significant capital.
- Since then, the bankrupt firm has filed many legal motions to recover funds from several entities, including the bankrupt;crypto lender Genesis.
FTX, previously the third-largest crypto exchange, filed for;Chapter 11 bankruptcy;in November 2022, with all the 130 entities under the roof of FTX Group.;
- The downfall followed the claims that former;CEO;Sam Bankman-Fried (SBF) used customer funds in FTX to compensate for losses at Alameda Research.;
- SBF currently faces trial on 13 charges, including bank fraud,;money laundering, and bribery, to which;he pleaded not guilty.