A federal bankruptcy court has approved a plan by collapsed crypto exchange FTX and its creditors to sell the fallen firm’s $1 billion stake in Claude AI developer Anthropic. The motion, filed in Delaware bankruptcy court and approved Thursday, is only the latest move to replay creditors following FTX’s industry-shaking imposion in 2022.

Sale of the Anthropic shares was granted by U.S. Federal Judge John Dorsey, who issued the order yesterday after it was submitted to the court last week.

Last June, FTX signaled its interest in offloading its Anthropic shares through financial services company Perella Weinberg Partners in an attempt to “claw back” funds to pay off outstanding debts. In October, the path was furthere cleared when the U.S. Department of Justice said FTX’s investment in Anthropic was irrelevant to their case against FTX founder Sam Bankman-Fried.

A clawback refers to a legal process where a bankruptcy trustee pulls back property or payments made by the company before filing for bankruptcy. Clawbacks can also take the form of selling assets—in this case, shares of Anthropic.

Before launching its bid to sell its Anthropic stake, FTX Go to Source to See Full Article
Author: Jason Nelson

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