$200,000 turns into $3 billion! FTX sold "Cursor equity" at a bargain, missing out on a 15,000x return

ORIGINAL20 萬美元變 30 億！FTX 賤賣「Cursor 股權」錯失 1.5 萬倍報酬

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Recently, the bankrupt cryptocurrency exchange FTX has once again become a hot topic in the market, not because of the progress of creditor compensation, but because the equity in the AI startup Cursor, which the FTX bankruptcy liquidation team sold for only $200,000 a few years ago, has now soared to a value of approximately $3 billion, a potential return of 15,000 times. Earlier this week, SpaceX, led by the world's richest man Elon Musk, sent shockwaves through the market by announcing that it had secured the right to acquire the AI startup Cursor for $60 billion; if the acquisition is not completed, it will pay $10 billion to promote cooperation between the two parties. This earth-shattering deal not only shocked the global market but also unexpectedly brought to light a "side case." Looking back to April 2022, Alameda Research, the sister company of FTX founded by Sam Bankman-Fried (SBF), invested $200,000 in Cursor's parent company, Anysphere, acquiring approximately 5% of the shares at a valuation of $4 million. Unexpectedly, just one year later, both Alameda Research and FTX filed for bankruptcy protection. In order to quickly raise cash, the court-appointed bankruptcy liquidation team sold off this Cursor equity at the original purchase price of $200,000. Based on the astronomical $60 billion valuation offered by SpaceX, the value of this 5% stake is now as high as $3 billion, missing out on a potential return of 15,000 times. This windfall, which could have been used to maximize creditor compensation, ultimately fell into the pockets of the mysterious buyer who picked up a bargain during the bankruptcy proceedings. This transaction undoubtedly provides the strongest ammunition for the defense of SBF, who is currently serving time in prison. Over the past year, SBF has repeatedly spoken out from prison, criticizing the bankruptcy liquidation team for selling off assets at any cost during the market trough in pursuit of a quick closure, severely damaging the interests of customers. In February of this year, SBF submitted an asset estimate, claiming that if the liquidation team had "held on" to these equities and cryptocurrencies and weathered the lows of 2023 and 2024, FTX's net asset value (NAV) would now reach $78 billion.

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