Earlier in May last year, a total of $550,000 was dispersed to the Met across two payments.
The company behind FTX.US, West Realm Shires Services, coordinated the contributions.
The contribution of $550,000 to the Metropolitan Museum of Art from the cryptocurrency exchange FTX will be returned after the exchange’s failure in November. In a filing with the United States Bankruptcy Court in Delaware on June 2, the New York-based museum reaffirmed its plan to reimburse the monies to FTX creditors.
The arrangement, according to the Met, was the result of “good faith, arm’s length negotiations” between the company and FTX’s creditors. Earlier, a total of $550,000 was dispersed to the Met across two payments: $300,000 in March 2022 and a further $250,000 in May of the same year.
Massive Donations Before Bankruptcy
The company behind FTX.US, West Realm Shires Services, coordinated the contributions. A month after filing for bankruptcy in Delaware, FTX’s management began trying to recoup political and other contributions it had made.
Court records show that between March 2020 and November 2022, FTX donated $93.0 million. According to statistics from Unusual Whales, just 19 out of the estimated 180 U.S. politicians who received funds from the crypto exchange have returned the money or indicated they intend to do so. Moreover, Market Watch reports that over $27 million was donated to “Protect our Future PAC” by FTX.
On the other hand, a court in Delaware has taken a significant step towards resolving legal issues stemming from the FTX collapse by sending an appeals case regarding the appointment of an independent investigator to the US Third Circuit Court of Appeals. Firstly, the government and many Senators came together to demand an impartial inquiry into FTX’s bankruptcy.