FTX sold more shares and assets to finance legal costs of the bankruptcy process – DiarioBitcoin

It is estimated that the cost of the legal process exceeds USD $500 million, which is why they sold shares of the company Anthropic, entity linked to the development of AI chatbot Claude.

***

• Bankruptcy Legal Costs FTX exceed USD $500 million
• Therefore, the company had to sell other shares and assets to finance the process.
• On this occasion, they sold shares of Anthropic
• The exchange has assured in the past that it will fully compensate those affected, and will pay a surplus to compensate

The FTX bankruptcy process continues, and although everything seems to be approaching its end, the costs of the legal procedures have been notably high, to the point that more assets have had to be sold in order to properly assume its development.

Sale of shares of Anthropic

According to a recently published wealth report by FTX, quoted by the media The Block The company chose to sell the rest of its shares in Anthropic, the chatbot-related artificial intelligence startup Claude. As such, it had to dispose of all its holdings, despite good growth prospects going forward.

According to the report, FTX He proceeded to sell 15 million shares worth USD $30 each, receiving around USD $450 million. Originally the exchange invested about USD $500 million, and after the sale of all the assets it raised about USD $1.3 billion, that is, a net profit of USD $800 million on the investment.

The shares were acquired by several entities, but the main investor was the venture capital firm g Squared, which was acquired with some 4.5 million shares after a payment of USD $135 million. As detailed FTX, The sale price of the shares remained the same as that managed during the first campaign held in March.

Legal fees and other expenses

As the bankrupt exchange indicated, the sale of the shares was completely necessary given that the legal fees for the process have been quite high. Recent reports indicate that costs already exceed USD $500 million.

These operating expenses are separate from the victim compensation process. At the beginning of March, the new administration of FTX proposed to pay customers whose claims amount to USD $50,000 or less approximately 118% of their claim amount. This is equivalent to around 98% of creditors.

Reports at that time indicated that the exchange managed to recover more capital than it originally owed to those affected, so it will compensate 100% of the losses and will be able to compensate a good part of the users with additional funds. He stressed that the surpluses collected do not come from the increase in Bitcoin or other cryptos, but rather it monetized a “extraordinarily diverse collection” of assets, most of which came from investments by companies Mall and FTX Ventureor litigation claims.

Let us keep in mind that FTX It is not contemplating relaunching, but will permanently close its doors once the bankruptcy process is completed.

Article by Angel Di Matteo / DailyBitcoin

Picture of Unsplash, edited with canva

WARNING: This is an informative article. DiarioBitcoin is a media outlet, it does not promote, endorse or recommend any particular investment. It is worth noting that investments in cryptoassets are not regulated in some countries. They may not be suitable for retail investors as the entire amount invested could be lost. Check the laws of your country before investing.