Stanford University To Return Over $5.5 mn
At the request of the parents of the late Sam Bankman-Fried, the founder of the defunct cryptocurrency exchange FTX, Stanford University will refund millions of dollars in “gifts” it received from the exchange.
A representative for the institution told Fortune that the school received gifts from the defunct cryptocurrency exchange through the FTX Foundation and FTX-affiliated businesses, “largely for pandemic-related prevention and research.”
The institution, they continued, has been “in discussions with attorneys for the FTX debtors to recover these gifts, and will be returning the funds in their entirety.”
The FTX Bankruptcy Estate filed a lawsuit against Sam Bankman-Fried’s parents, Joseph and Barbara Bankman, on Monday.
The two defendants, who are both professors at Stanford Law School, are accused of giving millions of dollars to multiple groups, family members, and friends while abusing their influence within the FTX corporation.
(With inputs from Shikha Singh)
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