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The bankrupt company FTX is allowed to sell shares worth 1 billion US dollars again

The bankrupt company FTX is allowed to sell shares worth 1 billion US dollars again

Bankrupt crypto exchange FTX is still trying to refund its users. The company is taking steps in the right direction after receiving court approval to sell $1 billion worth of shares. These are shares in the artificial intelligence (AI) company Anthropic, which is now worth $15 billion. It is a startup focused on developing advanced AI technologies with a focus on security and ethical considerations.

FTX has filed a preliminary application to sell its 7.84% stake in Anthropic. This followed an initial investment of around $530 million in April 2022, just months before the exchange itself went bankrupt. Following the purchases, the AI ​​company’s value has increased, making FTX’s shares worth more than $1 billion.

Customers object to FTX

The court’s approval came after FTX responded to objections from some customers. These customers dispute the sale on the grounds that Anthropic’s shares are not owned by FTX because they were allegedly purchased with customer funds that were used unlawfully.

The sale of Anthropic shares is part of FTX’s broader strategy to sell assets and use the proceeds to repay creditors. FTX already has $6.4 billion in cash to service debt.

In itself, the approval of the sale is good news for former FTX customers who want their money back. At the end of January, FTX also sold billions of GBTC shares. This had a huge negative impact on the Bitcoin (BTC) price at the time. This time that will not be the case with the sale of Anthropic shares.

FTX cancels relaunch

The bankrupt exchange has also canceled plans to relaunch, it was revealed during a lawsuit in Delaware, USA. The announcement by FTX attorney Andy Dieterich, who cited founder Sam Bankman-Fried’s missteps, had an immediate impact on the FTX token (FTT), which experienced wild fluctuations.

Original plans to compensate creditors with shares in a new platform have now been scrapped, leading to a sudden fall in FTT’s share price. This development highlights the uncertainties in the crypto sector and the consequences of legal and operational setbacks.

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