New York’s Metropolitan Museum to Return FTX’s $550,000 Donation

New York’s Metropolitan Museum of Art plans to return a $550,000 donation it received from FTX Trading Ltd. before the bankrupt crypto exchange’s collapse.

The museum will fully pay back the amount—given by FTX in two large donations last year— within thirty days after the court approves the return agreement, according to an FTX court filing on June 2 at the US Bankruptcy Court for the District of Delaware.

The museum received $300,000 in March, 2022 and $250,000 in May of last year from FTX’s U.S. entity, West Realm Shires Services.

“The Met wishes to return the Donations to the FTX Debtors, and the FTX Debtors and the Met have engaged in good faith, arm’s length negotiations concerning the return of the Donations,” according to the filing.

Once FTX receives the amount, the museum will be released from all potential liabilities that could arise from the donations, the filing said.

FTX, which filed for bankruptcy in November, 2022 and is now being led by chief executive John J. Ray III, has been asking political figures, political action funds, and other donation recipients to return funds so that the company can repay creditors.

FTX and its affiliated debtors said they could start legal actions against recipients in bankruptcy court if they don’t voluntarily return such payments.

FTX’s co-founder and former CEO Sam Bankman-Fried has touted his philanthropic efforts prior to being the company’s collapse and bankruptcy filing. Federal prosecutors also said he violated campaign laws by funneling funds to super-PACs and other political committees to impact public policy and buy influence.

The museum didn’t immediately reply to a request for comment.