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Stanford College mentioned it should return $5.5 million in ”presents” it acquired from crypto trade FTX that have been linked to the affect of founder Sam Bankman-Fried’s father.
It’s choice comes after the FTX chapter property sued Bankman-Fried’s dad and mom – Joseph Bankman and Barbara Fried – to “get well hundreds of thousands of {dollars} in fraudulently transferred and misappropriated funds.”
“We’ve got been in discussions with attorneys for the FTX debtors to get well these presents, and we can be returning the funds of their entirety,” a spokesperson from Stanford College advised Bloomberg Information.
FTX accused Joseph Bankman and Barbara Fried of utilizing their affect at FTX to ”enrich themselves, straight and not directly, by hundreds of thousands of {dollars},” its legal professionals mentioned in a Sept. 18 courtroom submitting. Each are each professors at Stanford Legislation Faculty.
NEWS: Stanford College to return $5.5M in FTX donations, reportedly contributed by Joe Bankman, father of SBF.
📰 https://t.co/iJVTndtwvR pic.twitter.com/HpjbzbkpI5
— CoinGecko (@coingecko) September 20, 2023
The submitting additionally mentioned that between November 2021 and Could 2022, Bankman ”led the cost in directing FTX Group donations of greater than $5.5 million to his employer, Stanford College.” Bankman served as a senior advisor to the FTX Basis, the philanthropic division of the FTX trade.
Stanford mentioned the presents it acquired from the FTX Basis and different FTX-related firms have been used for pandemic-related prevention and analysis.
Bankman-Fried’s Dad and mom Deny Expenses Of Misappropriating FTX Funds
Legal professionals representing Bankman and Fried mentioned the FTX allegations in opposition to their purchasers are ”utterly false” and “a harmful try and intimidate Joe and Barbara and undermine the jury course of simply days earlier than their little one’s trial begins.”
Bankman-Fried’s trial on fraud costs is scheduled to start subsequent month.
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