One of the big scandals on crypto was FTX bankruptcy. It still has effects in our niche, and keeps generating news.
Liquidation of assets
One of the actions FTX has been taking, is a supervised effort to sell tehir assets to repay their customers. Recently, the U.S. Bankruptcy Judge John Dorsey approved FTX's proposal to sell its shares in Anthropic, an AI startup where FTX invested $500 million back in 2021.
A first attempt of selling the assets was made on June 2023, but it was paused. Then FTX requested again on early February 2024 and it is now approved.
Since Anthropic is worth has escalated to 15$ billion, FTX shared have gone up to 1 billion, which could be enough to replay customers in full, and with this, they dismiss plans to resume activities in the exchange.
Original investment
The bought of the assets in 2021 gave FTX 13.56% equity stake in Anthropic, which today has been diluted to 7.84%. Customers of FTX were initially opposed to the selling, since they argued they bought the assets with embezzled funds, however, they ended up approving it. The profit will be used to repay customers.
When will be the sell occur?
There is no fixed date. FTX will have the flexibility to sell when the conditions are favorable, so they might not sell all at the same time, and wait for a rise in the prices. The flourishing of AI and language learning models have already pushed up the value of Anthropic shared, and it´s expected to make it even higher.
Their take is that they will pay all the customers in full, but the calculation will be made at the prices of the assets in November 2022 when then filed for bankruptcy. This will be a disadvantage for customers since now the prizes have mostly go up in the las months.
They also have said they have the cash to pay to the customers that can prove to a court they owned the Anthropic shares, if necessary.
Reading this case, I don't think they are being fair by not paying at the current prices. If they are actually good on the cash to pay a they say, and are selling on a big profit, they should be actually compensating the customers by paying at the highest price the assets have been since they declared bankruptcy. Plus if the assets were bought with mone wrongfully acquired, it would be just fair to use it so everyone involved can part even and fairly corresponding to the current market situation.
But then we have the typical phrase "At least they are paying"
What are your thoughts?
Sources
Hope you liked it, until the next time
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