On Thursday, U.S. federal judge John Dorsey issued a decree granting bankrupt cryptocurrency exchange FTX permission to sell its stake in artificial intelligence company Anthropic.
Court documents show that FTX invested $500 million in Anthropic in 2021 and has a 7.84% stake in the company. After the bankrupt exchange reached a compromise in court with a group of its customers who opposed the sale, a Delaware judge approved FTX’s share sale proposal.
There has been a huge buzz around AI start-ups. Anthropic was founded by Daniele and Dario Amodei, who previously worked at OpenAI.
Anthropic has secured $1.6 billion in funding through August 2023, taking a similar path to OpenAI. It recently released Claude 2, its competitor to ChatGPT. According to a MarketBeat report, “Chatbot Claude 2 is a generative text platform trained using data extracted from the Internet combined with human feedback.”
In addition, the company has released a model for businesses called “Claude Instant,” which is faster and cheaper and incorporates constitutional artificial intelligence to reduce brand risk.
In December, Anthropic negotiated to raise $750 million in a Menlo Ventures funding round. Anthropic was valued at $18.4 billion in that funding round, which is nearly 4.5 times the startup’s initial valuation of $4.1 billion this year.
FTX is expected to have sufficient funds to fully pay all customer and creditor claims, which has raised hopes among victims of FTX’s collapse.
Under the leadership of CEO John Ray III , FTX Debtor’s estate began the process of selling Digital Custody Inc. (DCI) to CoinList on February 11. In December 2021 and August 2022. FTX acquired the subsidiary for $10 million, Cryptonews’ Ruholamin Haqshanas reported.
As creditors seek to recover more than $8 billion, the defunct cryptocurrency exchange has been embroiled in a process that could take several years. According to Alan R. Rosenberg, a partner at Markowitz Ringel Trusty & Hartog, the case, filed in November, involves multiple parties fighting over remaining assets, making it more difficult and time-consuming than other cryptocurrency bankruptcies.
FTX has declared its willingness to repay all of its creditors and is now seeking to divest some of its subsidiaries as part of the bankruptcy process.
