Stanford University plans to return the “gifts,” allegedly millions of dollars, it received from bankrupt cryptocurrency exchange FTX and related entities, Bloomberg reported on Sept. 19.

“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 spokesperson told Bloomberg. “Stanford received gifts from the FTX Foundation and FTX-related companies largely for pandemic-related prevention and research.”

On Sept. 18, the FTX Group sued Joseph Bankman and Barbara Fried, Stanford Law School professors and parents of FTX founder and former chief executive Sam Bankman-Fried, for misappropriating millions of dollars, including $5.5 million in donations to Stanford University.

The lawsuit seeks to recover those funds and award the FTX estate damages, the return of any property or compensation made to the parents by FTX, and punitive damages.

Bankman-Fried’s parents have denied the allegations, calling them “completely false.” In a statement to CoinDesk, lawyers for the parents said the lawsuit attempts to intimidate Bankman and Fried and undermine the jury process ahead of their child’s trial on Oct. 3.

Running a ‘family business’

The Monday court filing describes the FTX Group as a “family business,” surrounded by fraud for the benefit of former CEO Bankman-Fried and his cohorts. Additionally, it alleges that the parents capitalized on their experiences as law professors to “plunder in order to enrich themselves.”

While Fried acted as the “point person” for Bankman-Fried’s political contribution strategy, Bankman was said to have been part of the small group that attempted a last-ditch effort to sell FTX to then-competitor Binance.