Anthropic is in a different category for a number of reasons. I believe FTX got something of value (equity in Anthropic) in exchange for the $500MM. If $500MM was in fact a reasonable market value for that equity at the time of the transaction, I don’t think Anthropic has any moral obligations here. It gave something of equal value to FTX for what it got. No one would argue that Pepsi has a moral obligation to repay FTX or its creditors if FTX had invested in Pepsi stock at fair market value and then that stock lost value. Of course, if the Anthropic share is worth more than $500MM, the estate can sell it and make some money.
On the other hand, if $500MM wasn’t a reasonable value for the equity share at the time of transfer, then I would view the portion of the $500MM that exceeded FMV as a de facto gift that needs to be returned.
Anthropic is in a different category for a number of reasons. I believe FTX got something of value (equity in Anthropic) in exchange for the $500MM. If $500MM was in fact a reasonable market value for that equity at the time of the transaction, I don’t think Anthropic has any moral obligations here. It gave something of equal value to FTX for what it got. No one would argue that Pepsi has a moral obligation to repay FTX or its creditors if FTX had invested in Pepsi stock at fair market value and then that stock lost value. Of course, if the Anthropic share is worth more than $500MM, the estate can sell it and make some money.
On the other hand, if $500MM wasn’t a reasonable value for the equity share at the time of transfer, then I would view the portion of the $500MM that exceeded FMV as a de facto gift that needs to be returned.