Stanford University to Return Donations from FTX
Stanford University has announced that it will be returning all the donations it received from bankrupt crypto exchange platform FTX. The university aims to help those affected by FTX’s downfall recover their funds. Most of the donated money was intended for pandemic-related prevention and research.
This decision comes after FTX’s estate filed a lawsuit against the parents of its former CEO, who are legal scholars and professors at Stanford. The lawsuit alleges that they used their influence to enrich themselves by millions of dollars.
FTX initially filed for bankruptcy in November 2022, and its founder, Sam Bankman-Fried, is awaiting trial for defrauding investors and mishandling customer funds. He is also accused of using stolen funds for illegal campaign donations.
Hot Take: Stanford Returns FTX Donations to Aid Affected Parties
Stanford University has made a commendable decision to return all donations it received from FTX. By doing so, the university aims to support those impacted by FTX’s collapse in recovering their funds. This move demonstrates Stanford’s commitment to ethical practices and upholding its reputation as an institution of integrity.
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