Crypto exchange FTX and its sister firm Alameda are making efforts to retrieve over $71 million from FTX’s philanthropic arm and other life science entities, as per court documents filed recently.
This move is part of the bankrupt firm’s attempt to recover funds for its customers. The funds were allegedly transferred under the guise of effective altruism, but lawyers argue that the true purpose was for personal aggrandizement and political influence.
Additionally, the New York Metropolitan Museum of Art has agreed to return $550,000 in donations it received from FTX.
FTX and Alameda aim to reclaim $71 million from FTX’s philanthropic arm and life science entities.
Previous efforts included seeking the recovery of $700 million from FTX founder Sam Bankman-Fried’s payments to celebrities and politicians.
The transfers to life science companies were made under the guise of effective altruism, but the true purpose was for personal aggrandizement and political capital, according to lawyers.
The New York Metropolitan Museum of Art will return $550,000 in donations received from FTX.
