- The Met announces its plan to return $550,000 in donations received from FTX before its financial collapse, showcasing a commitment to ethical financial practices and setting a precedent for other institutions.
- FTX distributed $93 million in charitable donations between March 2020 and November 2022; however, only 19 out of almost 180 US politicians who benefited from the donations have repaid or declared intent to do so.
- The Metropolitan Museum of Art, an esteemed global cultural institution, demonstrates transparency and integrity by addressing controversial donations and highlighting the importance of responsible financial management in the non-profit sector.
On the evening of June 2, the prestigious Metropolitan Museum of Art (the Met) unveiled a surprising and bold decision. In an unexpected turn of events surrounding the now-defunct cryptocurrency exchange FTX, the Met declared its intention to return $550,000 in donations received from FTX before the company’s financial downfall last November.
This bold move originated from the Met’s home base in New York City and was disclosed in a report submitted to the U.S. Bankruptcy Court of Delaware – the same court where FTX’s bankruptcy proceedings began. The substantial donation of $550,000 arrived at the Met in two separate installments during the spring of 2022. In March, the museum received $300,000, followed by an additional $250,000 in May.
West Realm Shires Services, the organization responsible for operating FTX.US, orchestrated these significant contributions. Since FTX filed for bankruptcy in Delaware, the team behind the beleaguered company has been working tirelessly to reclaim its donated assets from politicians and other organizations since December.
According to court documents, FTX generously distributed $93 million in charitable contributions between March 2020 and November 2022. Out of nearly 180 US politicians who received donations from the crypto exchange, only 19 have either returned the funds or announced plans to do so, as reported by Unusual Whales.
The Metropolitan Museum of Art, commonly referred to as the Met, is among the world’s largest and most distinguished art museums. Situated in New York City, its extensive collection encompasses 5,000 years of global culture, showcasing everything from ancient relics to modern masterpieces. The Met serves as an essential center for cultural education and appreciation.
Museums Embrace Crypto and NFTs
Cryptocurrency and NFTs have found their way into the physical museum space, with several institutions exploring their potential. In 2021, Paris’ Musée du Louvre exhibited CryptoPunks, an Ethereum-based generative art project from Larva Labs, featuring 512 unique NFTs. Furthermore, M○C△, the first crypto art-focused cultural institution, opened its doors in Seattle to demystify blockchain-based digital art.
Throughout the past year, 21 museums and cultural organizations have experimented with NFTs and blockchain technology, seeking new audience engagement methods and revenue streams. Beyond NFT creation, museums also utilize blockchain technology for provenance tracking and secure access control systems for visitors. As Hussein Hallak, founder and CEO of Next Decentrum Technologies, asserts, “the transformation of museums through NFTs is inevitable” as more institutions embrace this emerging technology.
