In a recent development, Stanford University, one of the most prestigious universities in the United States, has agreed to return all endowment funds Cryptocurrency exchange FTX no longer exists Recover them through litigation.
Why Stanford is returning FTX donations
According to the quoted email statement BloombergA spokesman for the university said it had held discussions with lawyers for the FTX debtors and had since decided to return the funds “in full”.
The FTX Foundation and its related entities apparently made gifts to the university “primarily” for pandemic-related prevention and research, a spokesperson noted in a statement.
The development comes after the university was mentioned in a recent report. Archive Via FTX which Company claims SBF’s parents Stanford University is among those “spurring tens of millions of dollars” in donations.
Specifically, FTX further alleges that SBF’s father, Allan Joseph Bankman, “directed more than $5.5 million in donations from the FTX Group” to Stanford University between November 2021 and May 2022.
SBF parents Allan Bankman and Barbara Fried did it all to enhance their “professional and social status” but at the expense of FTX Group and at the expense of its customers. Bankman and Fried are longtime professors at Stanford Law School. So it makes sense that the university would be one of the beneficiaries of its alleged actions.
However, it appears the university does not want to get involved in a potentially lengthy legal battle. SBF’s parents also deny the accusations and called the accusations “completely false” in response to the cryptocurrency exchange’s lawsuit against them.They also seem to be labeling this as a strategy since it was released just a few days before their The son’s trial begins.
A small part of the exchange’s recovery efforts
FTX’s lawsuit against SBF parents in an attempt to recover funds from them and institutions including Stanford University is just a small part of the company’s recovery efforts. settle its creditors and Possible restart.
A recent court filing revealed that the company has been able to US$7 billion recovered To date, more than $3.4 billion has been invested in crypto assets.So far, the company has tracked down issues such as Genesis and Charity Donation Sam Bankman Fried may have made such a decision to a specific organization.
Recently, the defunct cryptocurrency exchange sued certain people and companies in an effort to Recover promotional payments Made for them. These celebrities include Canadian businessman Kevin O’Leary, athletes such as Trevor Lawrence and Naomi Osaka, and the professional basketball team the Golden State Warriors.
FTT Token struggles amid legal battles | Source: FTTBUSD on Tradingview.com
Featured image from New York Post, chart from Tradingview.com