FTX, the bankrupt cryptocurrency exchange, has suspended the sale of its stake in AI startup Anthropic. This unexpected move could cause delays in addressing FTX’s $2 billion deficit, as the sale of the $500 million stake has been put on hold. Although there has been interest from potential buyers, FTX’s advisory investment bank, Parella Weinberg Partners, has decided to pause the sale for this month. The sale of the stake could have helped FTX recover a significant amount of money. A report by FTX restructuring chief John Ray revealed that around $8.7 billion in user funds were misappropriated, with $7 billion already recovered. This halt in the sale of Anthropic’s stake impacts FTX’s “clawback” process, which aims to recover funds to repay creditors. FTX has already sold other assets, including LedgerX, at a significant loss compared to its initial purchase price. FTX filed for Chapter 11 bankruptcy protection in November and its co-founder, Sam Bankman-Fried, is facing federal charges. Court documents accuse FTX’s former leadership of commingling over $402 million in customer funds. Anthropic, founded in 2021, gained attention in the AI industry with its platform Claude AI. It secured investments from Google and other prominent investors.
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