FTX Recovers $550K Donated To The Metropolitan Museum Of Art Tokenhell

Following FTX’s spectacular collapse last November, restructuring officers have set out to increase the liquid asset of the bankrupt crypto trading platform, which involves reclaiming donated funds. The move has yielded positive results as the reports indicate that the New York-based Metropolitan Museum of Art is set to return $550,00 donated by the disgraced former CEO of FTX, Sam Bankman-Fried.

FTX To Receive Donated Funds

In a legal document to the United States Bankruptcy Court in Delaware recently, the famous New York Museum officially declared its intention to reimburse the funds to FTX creditors. It is worth noting that FTX had initiated its bankruptcy proceedings in the same court.

According to the Met Museum, its decision to return the funds is because of its friendly negotiation with FTX debtors. Moreover, the Metropolitan Museum of Art received $550,000, delivered in two separate payments.

The initial installment of $300,000 was transferred in March 2022, followed by an additional $250,000 in May of the same year. Notably, FTX embarked on another campaign to retrieve political contributions made by the crypto exchange during Sam Bankman-Fried’s tenure.

OpenSecrets, a renowned non-profit organization that monitors financial transactions in politics, has created a spreadsheet indicating that the total political donations from the crypto exchange amounted to more than $84 million. According to official court documents, FTX disbursed $93 million in donations between March 2020 to November 2022.

Unusual Whales, an organization tracking financial data, reported that out of approximately 180 politicians in the United States who received funds from the embattled exchange, only 19 have either returned the funds or expressed their intention to do so.

The Protect Our Future PAC was the largest recipient of FTX’s political donations, receiving $28,000,000. Initially, there were reports that most of FTX’s political contributions were to the Democrats.

However, Bankman-Fried emphasized in an interview with Tiffany Fong that he had also contributed an equivalent amount to the Republicans.

FTX Lawsuit And Crypto Influencers Reluctance

After the FTX collapse in November 2022, crypto influencers started adopting a more cautious stance when considering endorsement agreements. The change in approach stems from a series of lawsuits targeting numerous celebrities, alleging their involvement in the promotion of FTX without adequate disclosure of their compensation.

In a $1 billion lawsuit filed in March, eight influencers were accused of promoting “FTX crypto fraud” while withholding vital information about the firm and their financial compensations. Now, they recognize that their followers possess the right to initiate legal proceedings against them in the event of scams if they don’t disclose full compensation agreements of these promotions.

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