Metropolitan Museum of Art Repays $550K in FTX Donations

The Metropolitan Museum of Art will repay $550,000 in donations it received from the defunct cryptocurrency exchange FTX before November.

The New York-based museum verified its intent to repay the funds to FTX creditors in a filing to the United States Bankruptcy Court in Delaware on June 2.

In the same court, FTX’s bankruptcy proceedings were initiated.

The Met stated that the agreement resulted from “good faith, arm’s-length negotiations” with FTX’s creditors:

“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.”

The Met received the $550,000 in two distinct payments: $300,000 in March 2022 and the remaining $250,000 two months later, in May.

FTX.US was operated by West Realm Shires Services, which facilitated the donations.

Since December, roughly a month after it filed for bankruptcy in Delaware, FTX’s management has been attempting to recoup donations from politicians and other organizations.

According to judicial documents, between March 2020 and November 2022, FTX donated $93 million.

According to data from Unusual Whales, of the approximately 180 United States politicians who have received funds from FTX, only 19 have returned their funds or indicated their intention to do so.

According to Market Watch, “Protect Our Future PAC” was the largest recipient of FTX, receiving about $27 million.