Metropolitan Museum Of Art Will Restore IDR 8.1 Billion Donation From The Collapsed FTX Crypto Exchange

The Metropolitan Museum of Art (MET) will return a donation of IDR 8.1 billion received from the FTX crypto exchange. (photo: twitter @metmuseum)

JAKARTA - The Metropolitan Museum of Art (MET) will return a donation of 550,000 (IDR 8.1 billion) received from the FTX crypto exchange before they collapse in November 2022.

The New York-based museum confirmed its intention to return the funds to FTX debt givers in a filing to the United States Bankruptcy Court in Delaware on June 2, - the same court where FTX began its bankruptcy process.

Met stated that this agreement was reached through "good and independent negotiations" with FTX debt givers.

"Met wants to return Donations to the FTX Debt giver, and the FTX and Met Debtholders have been involved in negotiations with good and independent faith regarding the return of Donations," MET said, quoted by Cointelegraph.

The $550,000 amount was paid to Met in two separate payments - the first USD 300,000 paid in March 2022, while an additional 250,000 US dollars came two months later in May.

The donation was facilitated by West Realm Shires Services, the company that operates FTX.US.

FTX management has been trying to retrieve its donations from politicians and other organizations since December, about a month after they filed for bankruptcy in Delaware.

FTX has donated 93 million US dollars (Rp1.3 trillion) between March 2020 and November 2022, according to court documents.

Of the roughly 180 politicians in the United States who received funds from FTX, only 19 returned their funds or showed the intention to do so, according to data from the Unusual Whales.

"protect our Future PAC" is the largest recipient of FTX, with a total of about $27 million, according to data from Market Watch.