It seems that SBF’s donations are no longer needed by Stanford University. Check out the latest reports about this below.
SBF’s gifts to be returned
Stanford University is set to return millions of dollars worth of gifts that it received from FTX, a bankrupt crypto exchange platform.
Bloomberg reports that a spokesperson for the California-based university confirmed that it will return the donated money in full, enabling those affected by FTX’s collapse to recover their funds.
The spokesperson explained in an email to Bloomberg that the university has been in talks with attorneys for FTX’s debtors, and that the donations were largely provided for pandemic-related prevention and research by FTX or its related entities.
Recently, the estate of FTX launched a legal case against the parents of Sam Bankman-Fried, the former CEO of the company.
The parents, who are both Stanford University professors and legal experts, are accused of exploiting their influence to enrich themselves to the tune of millions of dollars.
FTX had filed for bankruptcy in November 2022, after Bankman-Fried was embroiled in a scandal involving fraud and mismanagement of billions of dollars of client funds. Bankman-Fried is currently awaiting trial, which is scheduled for October.
If found guilty, he could face imprisonment for several decades.
Additionally, Bankman-Fried is alleged to have used $100 million in stolen funds to make illegal campaign contributions to both the Democrats and Republicans before the 2022 midterm elections, while circumventing contribution limits.
SBF in the news
Disgraced former FTX head, Sam Bankman-Fried, has been accused by federal prosecutors of stealing customer funds to make political campaign donations.
As per a new Reuters report, Bankman-Fried allegedly used customer funds to make $100 million in political campaign contributions ahead of the 2022 U.S. midterm elections.
The amended indictment claims that the political donations were made to increase his influence and more effectively lobby Congress and regulatory agencies for rules that would benefit FTX’s business growth.
