Bankruptcy Bungle: Via subsidiary Alamada Research, FTX – the insolvent crypto exchange formerly operated convicted fraudster Sam Bankman Fried – misappropriated $400k of customer funds to purchase a ~5% equity stake in Cursor parent company Anysphere during the company's pre-seed round in April 2022. One year later, bankruptcy liquidators disposed of Alameda's stake at a 50% loss for $200k to unspecified buyers. If completed, SpaceXAI's purchase option for the AI firm would value the investment in the billions, equating to a massive loss for creditors.