In a surprising development, FTX, the bankrupt cryptocurrency exchange, has temporarily halted its planned $500 million investment in AI startup Anthropic. This move has caused a stir in the industry as it interrupts what could have been a significant boost for Anthropic’s development of advanced artificial intelligence technologies.
The Wall Street Journal reported on June 28 that potential investors must express their initial interest this week in assisting FTX to restart its global exchange. This news comes shortly after FTX filed a lawsuit against a former executive alleging misconduct and hush money payments.
FTX CEO John J. Ray III has stated that the company has begun the process of soliciting interested parties to reboot the FTX.com exchange. Parella Weinberg Partners, FTX’s advisory investment bank, has decided to temporarily halt the sale of FTX’s stake in Anthropic, despite several interested parties. The potential sale of this stake holds significant financial value for FTX.
Recent allegations made by FTX’s restructuring chief, John Ray, state that approximately $8.7 billion in user funds were misappropriated, with around $7 billion already recovered. Before the temporary pause, numerous companies had shown keen interest in acquiring the stake in Anthropic, taking advantage of the ongoing AI boom.
Anthropic, founded in 2021 by former employees of OpenAI, has experienced a remarkable surge in popularity due to the current AI boom. The initial investment made by FTX in Anthropic is believed to be even greater than the reported $450 million raised in the startup’s Series C funding round held in May, which valued Anthropic at around $4.6 million.
One of FTX’s biggest holdings at the time of its bankruptcy was its interest in Anthropic. The greatest investment was $1.1 billion made in the cryptocurrency miner Genesis Digital Assets. To access financial information, interested parties must sign non-disclosure agreements, a standard practice in such situations.
Several prospective purchasers are interested in purchasing FTX’s investment in Anthropic. The sale would have produced a large amount of capital for creditor collection and reimbursement.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | negative |
| Relevance Score | 1 |
| People | John J. Ray III |
| Companies | FTX, Genesis Digital Assets, Parella Weinberg Partners, Anthropic, Alameda |
| Currencies | None |
| Securities | None |
