The bankrupt cryptocurrency exchange FTX got the judge’s approval to sell more than $1 billion in shares of artificial intelligence startup Anthropic.

Judge John Dorsey of the Delaware Bankruptcy Court ruled at a hearing on 22 February that the sale could take place after FTX made concessions with some clients who opposed the sale.

Clients had alleged that Anthropic’s shares did not belong to FTX; they said they were acquired with embezzled client funds, citing evidence presented during the criminal trial of FTX co-founder Sam Bankman-Fried.

However, they agreed to the sale if they were later allowed to claim money from it for FTX users. FTX’s attorney at Sullivan & Cromwell, Andrew Dietderich, told the court that they are selling the shares of Anthropic “and we put the money in the bank.”

He added that FTX will reimburse users with the funds from the sale of its stake in Anthropic and add them to the $6.4 billion it currently has in the bank, an amount more than enough to reimburse anyone who can show they own a share of the profits.

The financial frenzy of Anthropic, one of the most attractive AI start-ups, raised $7.3 billion last year, as the appeal of AI changes the way business is done in Silicon Valley.

FTX filed a motion earlier this month to sell its 7.84% stake in Anthropic. It first invested about $530 million in the AI startup in April 2022, months before it collapsed and filed for Chapter 11 bankruptcy in November of that year.

K. Tovar

Source: Cointelegraph

(Reference image source: Mariia Shalabaieva, Unsplash)

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US prosecutors asked the court presiding over Sam Bankman-Fried’s trial to prohibit his legal team from presenting any arguments related to the possible recovery of FTX clients’ assets invested in Anthropic.

In April 2022, Bankman-Fried invested $500 million in the artificial intelligence startup. However, the US government is preparing to present evidence alleging that said investment was made with misappropriated funds from FTX customer deposits.

Recently, Anthropic has been in the spotlight as it seeks new investment funds, courting giants like Amazon and Google, which could lead to an estimated valuation of between $20 billion and $30 billion.

US prosecutors argue that recent reports about Anthropic’s high valuation could increase the value of Bankman-Fried’s investment, potentially making it easier to recover funds for FTX clients and other creditors in the event of a potential FTX bankruptcy.

In a letter submitted to Judge Lewis Kaplan, the US government and Bankman-Fried’s legal teams reached agreements on various issues related to the questioning of witnesses.

Bankman-Fried’s legal team intends to present evidence on the current value of its $500 million investment in Anthropic in 2022.

Prosecutors maintain that this evidence seeks to support an argument that the court found “inadmissible”: “Such evidence would therefore be totally irrelevant and would present a substantial risk of unfair prejudice, confusion of the issues, misleading the jury, unnecessary delays and loss of time.”

The government argues that the allegations against Bankman-Fried center on wire fraud, using FTX customer deposits for investments and miscellaneous expenses. According to prosecutors, any mention of profitable investments is ultimately immaterial and irrelevant to the charges the jury is considering.

The government also states that while it plans to present evidence of Bankman-Fried’s alleged misappropriation of customer deposits, which resulted in significant losses on FTX’s balance sheet, it does not intend to offer evidence related to the losses. ends of the victims once the FTX bankruptcy process is concluded.

K. Tovar

Source: Cointelegraph

(Reference image source: Unsplash+)

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Washington called on representatives from Amazon, Anthropic, Google, Inflection, Meta, Microsoft, as well as OpenAI, to commit to working for the creation of secure and transparent content based on artificial intelligence.

In the midst of the rapid advance in the use of artificial intelligence, fears, risks and conflicts related to veracity and transparency arise. So the call from the White House is considered relevant.

Fortunately, these companies “committed to work in particular on AI-powered content marking systems in order to reduce the risks of fraud and misinformation.”

The risks are increased by the use of generative AI, which results in highly realistic creations, difficult to differentiate from real elements, such as images or messages widely disseminated.

In this sense, the companies involved have also committed to “test their software internally and externally before launch, invest in cybersecurity and share relevant information about their tools with authorities and researchers, including possible failures.”

Another government requirement that they must comply with is the development of reliable techniques that allow users to know “when the content has been generated by AI, such as a watermark system,” according to an official statement.

M.Pino

Source: swissinfo

(Reference image source: Steve Johnson, Unsplash)

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