Stanford’s Generous Gifts from FTX
Stanford University, the esteemed institution nestled in California, has announced it will be returning all funds obtained from the now-defunct cryptocurrency exchange, FTX. This financial farewell amounts to a substantial total of $5.5 million in gifts received between November 2021 and May 2022.
The University’s Stance
In a statement released on September 19, a university spokesperson commented, “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.” The decision comes on the heels of the FTX scandal, illustrating Stanford’s commitment to ethical practices.
Funds for a Cause
These funds were primarily designated for pandemic-related prevention and research, showcasing an altruistic intention behind the gifts. However, the shadow of scandal looms, particularly given the ongoing accusations facing Sam Bankman-Fried’s parents, who were once considered pillars at Stanford Law School.
SBF’s Family Under Fire
Both Alan Bankman and Barbara Fried are reportedly facing legal repercussions themselves, accused of pilfering millions from FTX. The latest court documents shed light on their allegedly nefarious activities, with claims suggesting they misappropriated funds to “enrich themselves, directly and indirectly, by millions of dollars.”
Expectations vs. Reality
In a twist that only a soap opera could rival, Alan Bankman apparently expected a salary of $1 million from FTX, with his current $200,000 a year compensation creating what one might call, a “money disappointment.” Perhaps he thought, “Why settle for a million when you can aim for the moon?”
SBF’s Legal Drama
Meanwhile, Sam Bankman-Fried, or SBF as he’s known in the crypto realms, is currently trying to secure early release from jail to prepare for his trial scheduled for October. His legal team has argued about First Amendment rights, but it seems the judges aren’t buying it, especially after allegations of witness intimidation raised eyebrows.
Trial Anticipation
As the courtroom prepares for this high-stakes drama, one must wonder: does the world of crypto have a future filled with ethics or is it just a never-ending saga of twists and turns? Only time will tell, but for now, Stanford is putting its money where its morals are.
