FTX will be able to sell $1 billion dollars

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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