The California-based university Stanford University said it plans to return all funds it received from the now defunct cryptocurrency exchange FTX, according to a report from Bloomberg.\u00a0<\/p>\n
Stanford received a total of $5.5 million in gifts from FTX-related entities in the timespan between November 2021 and May 2022. In an email statement on Sept. 19, a university spokesperson said: <\/p>\n
\u201cWe have been in discussions with attorneys for the FTX debtors to recover these gifts and we will be returning the funds in their entirety.\u201d<\/p><\/blockquote>\n
The statement from Stanford clarified that it \u201creceived gifts from the FTX Foundation and FTX-related companies largely for pandemic-related prevention and research.\u201d<\/p>\n
Both parents of former FTX CEO Sam Bankman-Fried (SBF), Allan Joseph Bankman and Barbara Fried, are legal scholars who have taught at Stanford\u2019s law school.\u00a0<\/p>\n
Stanford\u2019s renouncement of the monetary support from FTX comes as SBF\u2019s parents are accused of stealing millions from the crypto exchange.<\/p>\n
FTX debtors launched a lawsuit on Sept. 18 against the two, alleging they misappropriated funds via their involvement with the exchange to, \u201cenrich themselves, directly and indirectly, by millions of dollars,\u201d according to the court papers. Bankman has been alleged to have been a \u201cde facto officer\u201d at FTX Group.<\/p>\n
Related: <\/u><\/em><\/strong>FTX bolsters claims portal security measures following cyber breach<\/em><\/strong><\/p>\nCourt documents from these latest accusations claim that Bankman included Fried, when he raised concerns regarding his annual salary of $200,000 that were not addressed by SBF or FTX US.\u00a0<\/p>\n
According to the documents, Bankman was expecting an annual salary of $1 million.\u00a0<\/p>\n
On Sept. 19, SBF\u2019s lawyers argued in front of a three-judge panel for early release from jail in order to prepare for his upcoming trial scheduled to begin in October. <\/p>\n
One of the judges in the hearing reportedly said the argument played by SBF\u2019s legal team regarding his First Amendment rights \u201chas no play anymore\u201d due to his attempts to intimidate witness and former CEO of Alameda Research Caroline Ellison.<\/p>\n
Magazine: <\/em><\/strong>How to protect your crypto in a volatile market: Bitcoin OGs and experts weigh in<\/em><\/strong><\/p>\nSource: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"The California-based university Stanford University said it<\/p>\n","protected":false},"author":3,"featured_media":181575,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\n
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