Stanford to Return FTX Donations Amid Lawsuit Against Founder's Parents
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Stanford University will return all gifts received from bankrupt crypto exchange FTX. The gifts were for pandemic prevention and research.
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FTX is suing Sam Bankman-Fried's parents, Stanford law professors, for allegedly funneling millions from FTX funds to enrich themselves.
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The lawsuit aims to recover funds allegedly fraudulently transferred by Bankman-Fried's parents.
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Bankman allegedly donated over $5.5 million in FTX donations to Stanford.
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FTX went bankrupt in November 2022 amid questions about its finances, prompting a federal investigation into one of the biggest financial frauds in US history.
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