The Metropolitan Museum of Art in New York has announced its intention to refund $550,000 of donations received from FTX (CRYPTO: FTT), a now-defunct cryptocurrency exchange.
The museum has committed to the full repayment of the funds, initially donated by FTX's U.S. branch, West Realm Shires Services, during March and May of the previous year, court documents filed on Friday state.
This action eliminates the need for additional litigation, according to the court filing.
Both the museum and FTX's debtors have conducted "good faith, arm’s length negotiations concerning the return," the FTX court document stated.
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The agreed-upon sum is scheduled to be paid back within a month following the court's endorsement.
Formerly led by Sam Bankman-Fried, a proponent of effective altruism, FTX had a history of utilizing its profits to assist various causes.
In its current state under new administration, the company's financial estate is actively pursuing reimbursement of the exchange's past philanthropic contributions with the goal of settling debts to creditors. Some of these payments could include considerable political donations.