Met Museum to return $550K in FTX donations, citing ethical concerns.

The Metropolitan Museum of Art (Met Museum), which is known as one of the most respected cultural institutions in the United States, has decided to return a significant donation of $550,000 that was generously given by the cryptocurrency exchange FTX.

According to court filings on Friday, the Met has chosen to return the donations it received from FTX shortly before the unfortunate collapse of the crypto exchange in November. 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 commented on its agreement to make the huge refund, saying: “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.”

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.

We will continue to update Phone&Auto; if you have any questions or suggestions, please contact us!


Was this article helpful?

93 out of 132 found this helpful

Discover more


Memecoins and the Bitcoin ETF: Will the Bull Run Happen?

Traditionally, as Bitcoin experiences growth, it often leads to a ripple effect throughout the market, positively imp...


Shiba Inu plans to publicly restart Shibarium shortly after a failed launch.

The network successfully processes test blocks as usual, despite the earlier stoppage, which developers attributed to...


Top 3 Price Predictions: Wall Street Memes, Shiba Inu, and Dogecoin in Next Meme Coin Season

Meme coins, combining humor, culture, and financial speculation, are attracting attention from the crypto community a...


Crypto trader, who experienced both gains and losses in a $BALD scam, purchases a new low market capitalization meme coin on a base platform.

While Cheatcoiner.eth is promoting Toshi, Shibie Coin has emerged as a robust alternative that deserves serious consi...


Shiba Inu Dev reveals significant Shibarium upgrades amidst SHIB retracement.

Kaal Dhairya, a highly talented developer who contributed to the development of Shiba Inu's Shibarium, recently unvei...


Whale buys $38M worth of SHIB, rebound expected?

The Shiba Inu (SHIB) token continues to experience massive transactions, generating excitement within its vibrant com...