FTX’s $500M Anthropic stake for sale amidst bankruptcy.

The bankers of FTX, a cryptocurrency exchange that no longer exists, are trying to sell their stake in the AI startup Anthropic.

Perella Weinberg, a boutique bank overseeing FTX’s bankruptcy proceedings, is reportedly discussing the potential sale of Anthropic’s stake with interested parties, according to Semafor’s report on Tuesday.

The report noted that the cryptocurrency exchange owned as much as $500 million worth of shares in Anthropic when it filed for bankruptcy last year, according to a November 2022 report by the Financial Times.

However, Anthropic has experienced significant growth recently thanks to the AI boom and rising demand for AI technologies.

The company has become one of the most valuable in the AI industry, with a valuation of $4.6 billion following a $750 million funding round.

Therefore, the sale of the stake is expected to fetch a nine-figure sum, which would be distributed to former FTX customers.

The bankers are debating whether to sell the entire stake or retain some shares in anticipation of further growth in AI valuations.

Anthropic was launched in 2021 by former OpenAI employees and is developing Claude, a general-purpose artificial intelligence chatbot.

Claude is a potential rival to OpenAI’s ChatGPT, which has made waves across the online world over the past couple of months. Claude has not yet been released publicly.

Earlier this year, Google also invested approximately $300 million in Anthropic in exchange for a 10 percent stake in the company.

FTX and its group of crypto companies filed for Chapter 11 bankruptcy in early November.

Sam Bankman-Fried, the disgraced founder of FTX, was later arrested in The Bahamas after US prosecutors formally filed criminal charges against him.

He was eventually extradited to the US where he was released from jail after posting a $250m bond in a New York court.

Judge Denies FTX’s Request to Join in Mediation Between Genesis and DCG

In the latest development in the FTX saga, a judge has denied the exchange’s request to join in the mediation between now-bankrupt crypto lender Genesis Global and its parent company, Barry Silbert’s crypto conglomerate Digital Currency Group (DCG)

In the ruling, US Bankruptcy Judge Sean Lane decided against FTX’s inclusion in the settlement talks, where Genesis and its major creditors, along with DCG, aim to develop a revised payout proposal.

Meanwhile, Bankman-Fried is preparing to argue that he relied on the advice of Silicon Valley law firm Fenwick & West in his defense against fraud charges.

Last month, his lawyers requested that prosecutors turn over documents that were provided to the government by the California-based firm between 2017 and 2022.

They claimed the legal advice by Fenwick & West is “material to preparing a defense” as they allegedly plan to leverage a so-called advice-of-counsel defense, which could be used to rebut suggestions that Bankman-Fried intended to break the law.

Prior to this, the disgraced crypto boss asked a New York federal judge to dismiss most of the criminal charges brought against him by federal prosecutors, claiming that they were “dramatic” and turned “civil and regulatory issues into federal crimes.”

We will continue to update Phone&Auto; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Opinion

Bitcoin: An ECB Debunk and the Unyielding Resilience of Cryptocurrency 💰💣

ECB Director General Ulrich Bindseil and advisor Jürgen Schaaf have expressed their skepticism towards bitcoin, but t...

Bitcoin

Holy Hodl! Researchers Discover Bitcoin Experiment Delivers Outrageously Impressive 300% Higher Returns!

Greek researchers publish study confirming the efficiency of Bitcoin trading in the market.

Market

5 things to know about Bitcoin this week countdown to US spot ETF

Cryptocurrency traders anticipate a major development as the ETF showdown approaches, following a period of stability...

Policy

Incorporating Artificial Intelligence into Nigeria’s Security Framework: A Game-Changer?

Nigeria's National Information Technology Development Agency (NITDA) strongly advocates for the integration of Artifi...

Markets

Bybit obtains cryptocurrency exchange license in Cyprus.

Bybit has obtained permission to operate as a cryptocurrency exchange and custody provider in Cyprus, in an effort to...

News

FTX Demands Answers from AI Safety Nonprofit: Did They Cash Out?

FTX Seeks Approval to Subpoena Center for AI Safety for $6.5 Million Payment Before Bankruptcy Filing