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Bankrupt FTX has missed retired connected astir fractional a cardinal dollars successful imaginable nett aft liquidating its aboriginal involvement successful Anysphere, the institution down the fast-rising AI codification exertion Cursor.
The now-defunct crypto exchange, done its trading limb Alameda Research, had invested $200,000 successful Anysphere during its 2022 effect round.
However, bankruptcy managers sold the involvement for the aforesaid magnitude successful 2023, agelong earlier the company’s worth surged.
FTX’s Anysphere (Cursor AI) Investment Sales. (Source: Gautham Elango)On April 5, Anysphere completed a backing circular that pushed its valuation to $9 billion. The circular brought successful $900 cardinal and included large investors similar Thrive Capital, Andreessen Horowitz, and Accel.
In January this year, the institution raised $150 cardinal astatine a $2.5 cardinal valuation. Since then, Cursor’s idiosyncratic basal and gross person grown rapidly, with the steadfast reportedly pulling successful astir $200 cardinal successful April alone.
Based connected Anysphere’s existent valuation, Alameda’s archetypal $200,000 concern would present beryllium worthy adjacent to $500 million.
That unrealized summation could person been utilized to compensate FTX creditors, galore of whom are inactive waiting to retrieve their mislaid assets.
FTX’s undervalued sales
Meanwhile, this isn’t the lone lawsuit of undervalued income during FTX’s plus liquidation process.
For context, the bankrupt speech absorption had parted with token contracts linked to the SUI blockchain, which could person yielded astir $3 cardinal successful returns.
Instead of holding the contracts, FTX sold them successful March 2024 for conscionable $1 million, good beneath their existent worth of astir $3 billion. The failed speech besides sold $95 cardinal of Mysten Labs shares alongside its SUI contracts.
Despite these missteps, FTX’s property has seen amended outcomes elsewhere. One illustration is the $1.4 cardinal sale of its $500 cardinal involvement successful AI steadfast Anthropic Holdings, which brought successful important liquidity.
The proceeds from these plus income are being utilized to reimburse creditors. The failed steadfast completed the first circular of repayments successful February. The 2nd round, targeting customers with claims implicit $50,000, is expected to begin aboriginal this month.
The station FTX missed retired connected $500 cardinal aft selling Anysphere’s Cursor AI involvement for conscionable $200K appeared archetypal connected CryptoSlate.
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