Administrators of bankrupt crypto exchange company FTX have raised $884Million from the partial sale of AI startup Anthropic, according to court documents.
Customers can expect a payout of up to two-fifths more than the initial value of their claims as prices of crypto and AI assets soared in recent days.
On Friday (March 22), court papers highlighted a list of buyers with the largest stake going to Emirati state-owned holding company Mubadala.
The sovereign wealth fund – whose headquarters are in the United Arab Emirates – will be acquiring nearly $500 million worth of Anthropic shares.
As per reports on CNBC, various other sovereign wealth funds were all jostling for a piece of FTX’s Anthropic stake. The kingdom of Saudi Arabia won’t be in the running over concerns of national security.
Jane Street, the quantitative trading firm who are based in New York, are understood to be the second-biggest buyers in Anthropic’s shares. They are expected to buy $100 million of shares.
FTX Bankruptcy
Sam Bankman-Fried and Gary Wang co-founded FTX in May 2019 but less than five years later, the firm filed for bankruptcy amid several fraudulent claims.
During the company’s peak in the summer of 2021, FTX boasted over one million customers and was the third-largest cryptocurrency exchange by volume.
However, in November 2023, Bankman-Fried was found guilty of seven counts of fraud and money laundering relating to the collapse of FTX 12 months earlier.
The 32-year-old will be sentenced on March 28 with prosecutors demanding he serves 40-50 years after an $8bn discrepancy was discovered in the balance sheet.
If the repayments are made to the 100,000+ creditors, Bankman-Fried’s lawyers insist he should serve no more than six years in prison. His lawyers also suggested that they will pay back all of those with legitimate claims.
Further reports indicate that potential bidders has been negotiating with FDX about restarting the company, but those efforts were quashed in January 2023.
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