FTX Can Cash Out $500M Investment In AI Biz To Fund Ch. 11
By Vince Sullivan · February 22, 2024, 6:44 PM EST
Insolvent cryptocurrency exchange FTX Trading Ltd. received a Delaware bankruptcy judge's approval Thursday to sell off its equity stake in an artificial intelligence technology company launched by former members of OpenAI...
Cryptocurrency exchange FTX filed for Chapter 11 on Nov. 11, 2022, after a rapid collapse in value.
Case Number
1:22-bk-11068
Judge
John Dorsey
Venue
U.S. Bankruptcy Court for the District of Delaware
Capital Structure
Total Liabilities:
Total liabilities are still to be determined, as a full plan has yet to be filed and FTX's tax liability is still being resolved. The IRS has filed a claim for $8 billion.