5.5M, FTX’s poisoned gift to Stanford reimbursed

Credit: Stanford University

Crypto’s ex-rich donor, FTXhad made a donation of several million dollars to the prestigious Stanford University. Solicited by lawyers of theexchange bankrupt, Stanford announces will reimburse.

Lawyers for debtors of FTX are determined to get money back into the coffers of the bankrupt company. And to do so, they are taking legal action against third parties, including the parents of Sam Bankman-Fried, the former CEO.

Stanford University, California was also approached. Conciliation prevailed. She is said to have received several million dollars in donations. According to information filed with the courts, FTX, including through its foundation, granted her 5.5 million dollars between November 2021 and May 2022.

Covid pandemic donations

As the BloombergJoseph Bankman and Barbara Fried, SBF’s parents, are lawyers and long-time professors at Stanford Law School.

Stanford has received donations from the FTX Foundation and FTX-related companies, primarily for pandemic prevention and research,” confirms a spokesperson for the renowned university.

The university owes its generous donations to its links with the progenitors of the former star entrepreneur of the crypto. At least, that’s the accusation made by the plaintiffs’ lawyers, who demanded that the donations be reimbursed.

“We have been in discussions with FTX’s debtors’ attorneys to recover these donations and we will return the funds in full “, announced the Stanford representative, without specifying the precise amount of the initial donation.

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SBF accused of illegal transfers to parents

It will probably be more difficult for the lawyers to get Bankman and Fried to return the funds paid by FTX. According to new information in the case file, SBF was very generous towards his parentsafter his father had deemed his annual salary of $200,000 far too low.

Within two weeks, Bankman-Fried gave Bankman and Fried $10 million in funds from Alameda Ltd. Within three months, Bankman-Fried arranged for the couple to be awarded a $16.4 million property in the Bahamas, paid for with funds ultimately from FTX Trading.”

For the lawyers, the ex-CEO’s parents thus profited from illegal transfers of funds owned by the bankrupt company. Their lawyers denounce allegations ” completely false “. They won’t pay back as easily as Stanford.

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