With news of massive new investments in Anthropic from Google and Amazon, FTX creditors are celebrating. SBF's prosecutors are not.
Recent media reports that AI startup Anthropic will receive billions in fundraising from Google, just weeks after announcing a similar investment from Amazon, has led to widespread optimism from the creditors of FTX for a substantial financial recovery, given ex-FTX CEO Sam Bankman-Fried's investment in the company.
Yet one party is less than thrilled: the prosecutors in Bankman-Fried's ongoing fraud trial. Late Sunday night, Assistant US Attorney Thane Rehn filed a motion asking Judge Lewis A. Kaplan to forbid Bankman-Fried from bringing up Anthropic in his trial. Rehn cited an earlier circumstance in which Judge Kaplan ruled, "It is immaterial as a matter of law whether intended to repay the misappropriated funds," and argued in his filing that "such evidence would therefore be wholly irrelevant, and present a substantial danger of unfair prejudice, confusing the issues, misleading the jury, undue delay, and waste of time."
Rehn also noted that venture capital investments are speculative, pointing to a familiar example. "To take one salient example, FTX itself raised similar venture investments at valuations of around $18 billion in 2021 and around $32 billion in 2022 and yet today its shares are worth nothing," the filing stated.
The defense has yet to file a response. Bankman-Fried's trial will resume on Tuesday with the cross-examination of Alameda Research and FTX co-founder Gary Wang and potentially the first testimony of Alameda Research ex-CEO Caroline Ellison. Disclaimer: The former CEO and majority shareholder of The Block has disclosed a series of loans from former FTX and Alameda founder Sam Bankman-Fried. © 2023 The Block. All Rights Reserved. This article is provided for informational purposes only.
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