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Stanford University said it will return $5.5 million in ”gifts” it received from crypto exchange FTX that were linked to the influence of founder Sam Bankman-Fried’s father.
It’s decision comes after the FTX bankruptcy estate sued Bankman-Fried’s parents – Joseph Bankman and Barbara Fried – to “recover millions of dollars in fraudulently transferred and misappropriated funds.”
“We have been in discussions with attorneys for the FTX debtors to recover these gifts, and we will be returning the funds in their entirety,” a spokesperson from Stanford University told Bloomberg News.
FTX accused Joseph Bankman and Barbara Fried of using their influence at FTX to ”enrich themselves, directly and indirectly, by millions of dollars,” its lawyers said in a Sept. 18 court filing. Both are both professors at Stanford Law School.
NEWS: Stanford University to return $5.5M in FTX donations, reportedly contributed by Joe Bankman, father of SBF.
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— CoinGecko (@coingecko) September 20, 2023
The filing also said that between November 2021 and May 2022, Bankman ”led the charge in directing FTX Group donations of more than $5.5 million to his employer, Stanford University.” Bankman served as a senior advisor to the FTX Foundation, the philanthropic division of the FTX exchange.
Stanford said the gifts it received from the FTX Foundation and other FTX-related companies were used for pandemic-related prevention and research.
Bankman-Fried’s Parents Deny Charges Of Misappropriating FTX Funds
Lawyers representing Bankman and Fried said the FTX allegations against their clients are ”completely false” and “a dangerous attempt to intimidate Joe and Barbara and undermine the jury process just days before their child’s trial begins.”
Bankman-Fried’s trial on fraud charges is scheduled to begin next month.
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