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According to Bloomberg, Stanford University, one of the most prestigious schools in the US, has announced that it plans to return all the millions of dollars’ worth of donations it received from the bankrupt cryptocurrency exchange FTX.
FTX Group Donated Over $5.5 Million
A spokesperson for the university, speaking to Bloomberg, stated that they are in discussions with the lawyers of the university’s debtors to return these donations and that they will return the entire funds. This statement from Stanford University came after FTX filed a lawsuit to recover millions of dollars in donations and misappropriated funds made to Joseph Bankman and Barbara Fried, the parents of FTX’s founder and former CEO, Sam Bankman-Fried, on September 18.
In the court filing made on September 18, it was stated that “Bankman facilitated the redirection of over $5.5 million in donations made to FTX Group to Stanford University, his employer, from November 2021 to May 2022.” A spokesperson for Stanford University stated that the university mostly receives donations from FTX Foundation and organizations associated with FTX, primarily for COVID-19 prevention and research.
Allegations Against Stanford University in the Court
According to court documents, both Bankman and Fried, who are professors at Stanford Law School, are alleged to have enriched themselves by using their access and influence within FTX to the tune of millions of dollars.
Documents alleging that pressure was exerted for their political and philanthropic donations, including to Stanford University, in the tens of millions of dollars, claim that Bankman and Fried were designed to enhance their professional and social status at the expense of FTX Group.
Legal representatives of the Bankman-Fried family responded to the complaint, stating that the allegations are completely false. In their response, the attorneys for Joe Bankman, Sean Hecker, and Barbara Fried’s attorney, Michael Tremonte, stated to The Block that these allegations are unfounded.
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