FTX, the defunct crypto exchange, has been approved by the Delaware bankruptcy court to sell 7.84% stake in AI startup Anthropic, which is worth around $1.4 billion.
According to reports, the sale is expected to add around $1 billion to FTX’s existing $6.4 billion cash. Note that FTX’s former CEO, Sam Bankman-Fried, invested $500 million in Anthropic in April 2022.
In addition, the sale is part of a larger scheme of customer fund reimbursement. Since the fall of FTX exchange in November 2022, the exchange owes over $3 billion to around one million customers.
The exchange has sought several strategies, including asset sales, to return their funds. Despite opposition from creditors, US Bankruptcy Judge John Dorsey in Wilmington, Delaware, approved the proposal and acknowledged it as the “most optimal and appropriate time” to sell the stake.
Last week, Bloomberg published the lawsuit, saying that the FTX crypto exchange allegedly profited from Tether (USDT) by using a covert agreement with Deltec Bank.
Sophia Hernandez is an experienced crypto writer who has been writing about crypto and blockchain technology for 3 years. She has a deep understanding of the complexities of the crypto market and is skilled at breaking down these concepts into easy-to-understand language for readers.
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