The Met (a major art museum in NYC) is returning $550K in FTX-linked donations; article below includes link to the court filing. 100% return, donations were outside of 90 days. This is the first court filing of this nature I’m aware of, although I haven’t been watching comprehensively.
A smart move for the Met, I think. I doubt it had any viable defenses, it clearly has $550K to return without causing any hardship, that’s enough money for the FTX estate to litigate over, and it avoids bad PR by agreeing to turn 100% of the money over without litigation. Perhaps it could have negotiated a small discount, but saving $50K or whatever just wouldn’t have been worth it in light of PR/optics concerns. (Plus, I think the Met was very likely obliged to return the whole $550K from an ethical perspective anyway . . . . { edit: perhaps with a small deduction for its legal expenses })
The Met (a major art museum in NYC) is returning $550K in FTX-linked donations; article below includes link to the court filing. 100% return, donations were outside of 90 days. This is the first court filing of this nature I’m aware of, although I haven’t been watching comprehensively.
A smart move for the Met, I think. I doubt it had any viable defenses, it clearly has $550K to return without causing any hardship, that’s enough money for the FTX estate to litigate over, and it avoids bad PR by agreeing to turn 100% of the money over without litigation. Perhaps it could have negotiated a small discount, but saving $50K or whatever just wouldn’t have been worth it in light of PR/optics concerns. (Plus, I think the Met was very likely obliged to return the whole $550K from an ethical perspective anyway . . . . { edit: perhaps with a small deduction for its legal expenses })
https://www.coindesk.com/policy/2023/06/05/new-yorks-met-museum-agrees-to-return-550k-in-ftx-donations/
I notice my surprise that FTX was donating to the Met Museum, lol
They also paid for naming rights to various stadiums, I could imagine a similar thing with the Met (a gallery for FTX-traded NFTs?)