The Metropolitan Museum of Art (Met) is planning on to return $550,000 in donations it received from the now-fallen crypto exchange FTX. If you’ve been around the industry for a while, you’ve probably noticed that Sam Bankman-Fried’s FTX spectacularly imploded and went under in November 2022.
Since then, many parties have returned donations from the fair, including this American museum.
Good for creditors
This is good news for the creditors, because returning these amounts means that the estate grows. Although an amount of $ 550,000 on an estate of several billion dollars is of course not very interesting.
In an official court document (see image), ‘The Met’ confirms that they want to return the donations. The museum received the payment in two installments. The first installment of $300,000 was paid in March 2022 and the next $250,000 came two months later in May.
The creditors are lucky with this matter, because it could also be that a museum like the Met cannot afford to miss these kinds of amounts at all. After all, it has been some time since they received this capital from FTX.
What about Bankman Fried?
There is little news to report as far as Bankman-Fried is concerned. The fallen CEO of FTX is currently awaiting his legal proceedings, which will not start until October this year. Until then, he lives under ‘house arrest’ in his parents’ house.
This way he can at least be among family and friends for the coming months. Once he is tried, it remains to be seen whether he will ever walk in the light of day again.
Bankman-Fried has defrauded so many people for so much money that it is very unlikely that he will ever be released. But crazier things have happened in the world. In that respect, we have yet to see it all.