Gemini

According to a court filing on May 31, the bankrupt cryptocurrency exchange <a href="https://cryptoticker.io/en/ftx-estate-sells-discounted-solana-tokens-to-repay-creditors">FTX </a>has reached an agreement to sell its remaining interest in the artificial intelligence startup Anthropic for $452.2 million.
<h2 id="defunct-ftx-to-gain-800m-from-anthropic-stake-sale">Defunct FTX to Gain $800M from Anthropic Stake Sale</h2>
FTX revealed that G Squared, an international venture capital fund, acquired roughly one-third of the 4.5 million shares for $135 million. Additionally, more than 20 other venture capital firms, such as Gemini Ventures, Fund FG-BLU, and Fund SCVC-PV-LXVI, were involved in the acquisition.
<a href="https://cryptoticker.io/en/ftx-founder-sam-bankman-fried-gets-25-year-sentence-for-fraud">The sale of FTX’s </a>Anthropic shares, pending approval from Judge John Dorsey, could amount to approximately $1.3 billion, providing FTX with around $800 million in net proceeds. FTX initially invested $500 million in Anthropic in 2021, securing a 7.8% ownership stake.
Anthropic, renowned for its chatbot Claude, aims to launch AI models with more stringent safety measures compared to ChatGPT and other competitors. The company, founded by ex-OpenAI employees, has drawn substantial investments from major tech companies like Google.
This sale could be the most lucrative for FTX as it endeavors to repay creditors following its bankruptcy in November 2022. However, some creditors contend that the shares should have been allocated to FTX customers, whose deposits funded the investment.
Additionally, the escalating legal fees of FTX have faced intense scrutiny from creditors, who accuse the advisors of depleting over $10 billion in creditor value. Recent bankruptcy filings indicate that FTX has accrued $700 million in legal and administrative expenses, as reported by X user Mr. Purple. Consulting firm Alvarez &amp; Marsal charged $212 million, while law firm Sullivan &amp; Cromwell billed $202 million. Furthermore, FTX CEO John Ray III invoiced $5.6 million at an hourly rate of $1,300.

Defunct FTX to Gain $800M from Anthropic Stake Sale

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