% 0.11
BTC Dominance:
% 0.09
Market Cap:
$2.37 T
% 0.16
Fear & Greed:
60 / 100
$ 64.945
BTC Dominance:
% 54.2
Market Cap:
$2.37 T

FTX Sells Shares as Bankruptcy Costs Increase


The FTX land has recently sold its remaining shares in Anthropic, an AI company known to have developed Chatbot Claude. This move comes from the total costs of FTX’s bankruptcy exceeding legal and administrative wages of $ 700 million.

FTX‘s latest bankruptcy applications managed by CEO John Ray III reveals that the property sells the remaining 15 million anthropic shares for about $ 30. This sales earned over $ 450 million. Combined with the previous sales in March, it makes a profit of approximately $ 800 million by bringing the total return of this FTX to approximately $ 1.3 billion from anthropic $ 500 million investment.

Among the buyers in this round, the global venture capital fund has purchased about one -third of the G squaled shares and a total of 4.5 million shares for $ 135 million. Other venture capital funds formed the majority of the remaining 20 buyers.

The cost of FTX’s bankruptcy has now exceeded $ 700 million and significant legal and administrative fees contributed to this collection. This figure is monitored by Bankruptcy Specialist Mr. Purple. The FTX creditors created concerns about potential conflicts of interest, including Sullivan and Cromwell, the primary law firm, which deals with the statement that represented FTX before bankruptcy. This led to the appointment of an independent auditor and the initiation of a class case.

An analysis by the New York Times last year stressed that the law firms have received hundreds of millions of dollars to address the bankruptcy of the crypto company. John Ray, CEO of FTX CEO, bills $ 5.6 million according to the $ 1,300 hourly rate since the beginning of the case.

READ:  Swiss Crypto Hedge Fund Tyr Capital in Dispute with Client Over FTX Exposure

The property plans to repay 98% of its creditors and at least 118% of the permitted requests calculated according to the dollar value of the FTX applying for bankruptcy. This ongoing process underlines the complexity and important financial consequences of the relaxation of one of the largest crypto currency stock exchanges.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

Rate this post

Leave a Reply

Your email address will not be published. Required fields are marked *