Stanford University plans to forfeit pandemic donations received from FTX – $5.5 million received between November 2021 and May 2022. This decision comes at a time when the parents of FTX’s former CEO, who are also professors at Stanford University, have been implicated in FTX’s collapse.
5.5 million to be reimbursed to FTX
The FTX saga remains a hot topic in the crypto sphere. Following the benevolence of Sam Bankman-Fried, Stanford University is now poised to return the donations it received from his platform. This revelation came to light through a university spokesperson, who shared the information with two Bloomberg journalists on Tuesday, September 19.
We had discussions with the lawyers of FTX’s debtors about these donations, and we will return them.
Stanford University spokesperson
According to spokesman for Stanford University, FTX and its affiliates had donated an estimated $5.5 million to his institution between November 2021 and May 2022. These funds were used in particular to finance prevention and research related to the COVID-19 pandemic.
At the height of FTX, Sam Bankman-Fried was a charitable donor. From political players at sportsmen, Sam Bankman-Fried provided substantial financial support to strengthen its influence and promote its exchange FTX. When FTX has collapsed due to the calamitous management from SBF, some beneficiaries have not hesitated to give up their donations.
Sam’s parents behind the dropout of the Donations
The Stanford University spokesperson didn’t give the exact reason for renouncing donations from FTX. He simply indicated that discussions with lawyers for the debtors of FTX preceded this decision. There can be no doubt, therefore, that the university’s decision is linked to the FTX.
But, why did the university make the decision now, when the FTX case dates back to November 2022? It could have something to do with Sam Bankman-Fried’s parents teaching at Stanford.
The sudden change of mind of Stanford University comes at a time when SBF’s parents are in turmoil. Joseph Bankman and Barbara Fried have indeed played a leading role in the rise and fall of FTX. Outraged by these revelations, the debtors of FTX have taken legal action on September 18 against them.
With the indictment of Sam Bankman-Fried’s parents, the FTX case is taking a new turn. To make sure you don’t miss out on any news, keep checking Coinpri regularly.
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