The bankrupt cryptocurrency exchange FTX, which is actively raising funds to repay its creditors, has submitted a motion to the court on the 3rd, seeking to sell its most important remaining illiquid assets, namely an approximately 8% stake in the AI startup company Anthropic, currently valued at around $1.4 billion.
Background:
FTX promises full compensation, but victims should not be too happy, as it will be calculated based on BTC $16,870, ETH $1,258, and SOL $16…
The AI startup company Anthropic, which was invested $500 million by Sam Bankman-Fried (SBF), the founder and former CEO of the bankrupt exchange FTX in October 2021, FTX submitted a motion to the court on the 3rd, requesting the judge to approve the sale of 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 on February 22. The deadline for opposition to the motion is February 15.
In the motion, FTX disclosed that it holds a 7.84% stake in Anthropic and listed two main procedures for selling these shares: auction or private sale. FTX’s lawyers deleted the sale price sought by the company in the motion, on the grounds that publicly disclosing the reference price for the sale may harm the creditors’ expectation that Anthropic will sell at a higher price.
Anthropic was founded by former researchers from OpenAI, the developer of ChatGPT, in 2021. Its valuation has been soaring recently and reached $18 billion as of December 2023, making FTX’s stake worth about $1.4 billion.
FTX promises full compensation, but based on the bankruptcy date price
Previously, the FTX liquidation team stated at the court hearing on January 31 that FTX is expected to fully compensate the creditors in the bankruptcy liquidation. The repayment process will require the creditors to submit evidence to verify their actual holdings and asset losses incurred on FTX. As no buyers appeared, the liquidation team has abandoned the restart of the FTX exchange.
However, the so-called full compensation by the liquidation team is based on the actual application of FTX for bankruptcy, which means that if a user had 1 bitcoin at the time of FTX’s bankruptcy, the future compensation amount would be approximately $16,800 instead of the current $43,000. This has caused strong dissatisfaction among many creditors.
In the application documents submitted, FTX evaluated the value of several major cryptocurrencies, including:
BTC at bankruptcy: $16,871, current price: $43,000, a 154.72% increase.
ETH at bankruptcy: $1,258, current price: $2,302, an 82.50% increase.
SOL at bankruptcy: $16, current price: $98, a 512.5% increase.
AVAX at bankruptcy: $14, current price: $36.4, a 160% increase.
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