The Metropolitan Museum of Art in New York City cited ethical concerns surrounding the cryptocurrency exchange’s operations while has announcion its decision to return $550,000 in donations received from FTX.
The Metropolitan Museum of Art (Met Museum), renowned as one of the United States’ most esteemed cultural institutions, has made the decision to return a substantial donation of $550,000 that was generously contributed by the cryptocurrency exchange FTX.
Court filings to the United States Bankruptcy Court on Friday disclosed that the Met has chosen to return the donations it had received from FTX shortly before the unfortunate collapse of the crypto exchange in November.
According to the court documents filed on Friday, the museum has opted to return the entire amount of the payments, which were initially received in March and May of the previous year from FTX’s US entity known as West Realm Shires Services. This decision has been reached amicably, without the need for further legal proceedings or complications, as mentioned in the court filing.
“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,” Met said commenting on its agreement to make the huge refund.
FTX Founder’s Alleged Illegal Political Donations Cast Shadows over Cryptocurrency Sector
In a thought-provoking revelation, it seems that the Metropolitan Museum of Art may not be alone in considering the return of FTX’s donations. Recent reports have unveiled that FTX’s management has been actively seeking to recover its contributions from politicians and various organizations since December, merely a month after the crypto exchange filed for bankruptcy in Delaware.
Furthermore, debates surrounding the potential refund of the FTX donation by the Met Museum signify a wider trend permeating the art world. Recent revelations have shed light on the unsettling discovery that Sam Bankman-Fried, the founder of FTX, is facing charges linked to over 300 illegal political donations. These eyebrow-raising accusations involve an astonishing $42 million in contributions to Democratic candidates, while also allegedly funneling undisclosed “dark money” to Republican recipients.
However, the complete roster of politicians implicated in these transactions remains undisclosed, leaving lingering questions and concerns within the public sphere. These allegations not only cast a shadow over Bankman-Fried but also raise broader ethical concerns regarding the intersection of the cryptocurrency sector and political financing.
Due to this, museums and galleries find themselves grappling with the ethical quandaries associated with accepting funds from the cryptocurrency sector, particularly when connected to controversial or opaque practices. Institutions are now compelled to thoroughly evaluate the origin and impact of donations, and the values they inherently represent.