The bankrupt cryptocurrency exchange FTX, which is actively raising funds to repay creditors, has submitted a motion to the court on the 3rd, seeking to sell its most important remaining illiquid asset, approximately 8% of the shares of AI startup Anthropic, currently valued at around $1.4 billion.
(Background: FTX promises full compensation, but victims “shouldn’t be too happy”, as it will be calculated based on BTC $16,870, ETH $1,258, and SOL $16…)
AI startup Anthropic, which had received a $500 million investment from FTX founder and former CEO Sam Bankman-Fried (SBF) in October 2021, saw FTX submit a motion to the court on the 3rd, requesting the judge’s approval to sell its approximately 8% stake in Anthropic.
FTX also submitted a separate motion requesting the court to expedite the deliberation period for the motion to sell Anthropic, in order to hear the motion at the next bankruptcy court hearing scheduled for February 22nd, with the deadline for opposition to the motion set for February 15th.
In the motion, FTX disclosed its ownership of 7.84% of Anthropic shares and listed two main procedures for selling these shares: auction or private sale. FTX’s lawyers deleted the requested selling price from the motion, stating that disclosing the reference price for the sale could potentially harm the creditors’ expectation of a higher selling price for Anthropic.
Anthropic, founded by former OpenAI researcher of ChatGPT, was established in 2021 and has recently seen its valuation skyrocket. As of December 2023, its latest valuation reached $18 billion, making FTX’s stake worth approximately $1.4 billion.
FTX promises full compensation, but based on the bankruptcy date price
Previously, the FTX liquidation team stated in the court hearing on January 31st that FTX is expected to fully compensate creditors in the bankruptcy liquidation process, which will require creditors to submit evidence to verify their actual holdings and assets losses incurred on FTX. However, due to the absence of buyers, the liquidation team has given up on restarting the FTX exchange.
However, the so-called full compensation by the liquidation team is based on the actual price of FTX at the time of bankruptcy application. This means that if a user had 1 bitcoin at the time of FTX’s bankruptcy, the future compensation amount will be approximately $16,800, instead of the current $43,000, which has caused strong dissatisfaction among many creditors.
Further reading:
FTX promises full compensation, but victims “shouldn’t be too happy”, as it will be calculated based on BTC $16,870, ETH $1,258, and SOL $16…
In the filed application documents, FTX evaluated the value of several major cryptocurrencies, including:
BTC at $16,871 at the time of bankruptcy, currently reported at $43,000, with a 154.72% increase to date.
ETH at $1,258 at the time of bankruptcy, currently reported at $2,302, with an 82.50% increase to date.
SOL at $16 at the time of bankruptcy, currently reported at $98, with a 512.5% increase to date.
AVAX at $14 at the time of bankruptcy, currently reported at $36.4, with a 160% increase to date.
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