FTX to Sell Shares in AI Startup Anthropic to Pay Back Customers
FTX has received approval to sell its stake in the AI startup Anthropic to repay its customers. The decision came after a court ruling in Delaware allowed FTX to move forward with the sale to settle debts with a group of customers and creditors. The stake is estimated to be worth $1.4 billion, compared to the $500 million FTX invested back in 2021. The funds from the sale will be used to reimburse the customers, with FTX having $6.4 billion in cash reserves.
Court Rules Extradition of Do from Montenegro to the US
A Montenegro court has ruled for Do to be extradited to the US to face fraud charges, rather than to South Korea. The former co-founder of Terraform Labs has three days to appeal the decision, with the final verdict to be determined by the appeals court. This ruling could potentially lead to Do facing trial for a $40 billion crypto fraud case in the US starting March 25th.
Reddit Invests in Bitcoin and Ether
Reddit has disclosed in its IPO filing that it invested its excess cash in Bitcoin and Ether, making it one of the few companies to hold crypto on its balance sheet. The company has also acquired Ether and Polygon’s Matic token as payment for virtual goods transactions. Reddit plans to trade on the New York Stock Exchange with the ticker symbol ‘rddt’ in the upcoming month.
Bitcoin and Ether Price Analysis
Digital currencies like Bitcoin and Ether have seen price fluctuations this week, with Bitcoin dipping below the $51,000 mark and Ether also facing a slight decline. Solana, however, remains above $100. Despite Bitcoin trending downwards, Ether has been outperforming and is on track for a weekly gain. Wall Street has also seen some growth in trading-related stocks like Block, Coinbase, and Robinhood.
Evolving Landscape of Bitcoin ETFs
The introduction of Bitcoin ETFs has significantly impacted the crypto market, attracting traditional financial institutions and driving demand for Bitcoin. With Bitcoin ETFs influencing the market, there is a shift towards Ethereum, which has been gaining momentum and is expected to continue its rise in the coming months. The emergence of Bitcoin Layer 2 solutions is reshaping the crypto landscape and attracting increased interest in alternative cryptocurrencies like Solana.
Hot Take: FTX to sell shares in AI startup Anthropic to pay back customers: CNBC Crypto World
FTX’s decision to sell its stake in Anthropic to repay customers highlights the evolving dynamics in the crypto industry. As regulatory processes and legal rulings shape the future of crypto companies, FTX’s move sets a precedent for transparency and customer protection. The impact of Bitcoin ETFs on market behavior and the growing interest in Ethereum and Layer 2 solutions signal a transformative phase in digital asset investments. Stay tuned for more updates on the latest developments in the crypto world.
Source: Youtube
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