‘I liked him; I trusted him’: Anthony Scaramucci describes being taken in by Sam Bankman-Fried News ▸ US ▸ FTX ▸ Investments
‘I liked him; I trusted him’: Anthony Scaramucci describes being taken in by Sam Bankman-Fried
The once-revered FTX founder won admiration and trust of countless peers with a facade of virtue signaling and projected altruism before the illusion was shattered.
2 min read
Updated: Oct. 31, 2023 at 2:25 pm UTC
Collision Conf / CC BY 2.0 / Flickr. Remixed by CryptoSlate
During an Oct. 13 CNBC interview, Anthony Scaramucci, the founder of SkyBridge Capital, detailed his perspectives on Sam Bankman-Fried, founder of FTX and a former business associate who now stands trial for fraud.
Scaramucci provided insight into his early take on Bankman-Fried, which inspired trust and confidence over time. Immediately struck by his eccentricities and perceived intelligence, Scaramucci said he soon became persuaded by Bankman-Fried’s projected altruism, as well.
Scaramucci described his early impression of Bankman-Fried as the “Mark Zuckerberg of crypto.” He admired the vision of establishing a 21st-century financial exchange, beginning with cryptocurrency but eventually branching out into other assets. As he recalls, “[Bankman-Fried] was nerdy, very smart…I saw somebody that had a vision for a next-generation exchange.”
Bankman-Fried’s projected image of humility and purposefulness further bolstered Scaramucci’s trust. Scaramucci noted that Bankman-Fried was “less affected by material wealth” and “struck [him] as somebody that was really trying to do something transformative.” This projection resonated with Scaramucci’s entrepreneurial spirit, leading him to sell a piece of his business to Bankman-Fried. The SkyBridge Capital founder also made high-profile introductions for Bankman-Fried, even introducing him to senior figures in the Middle East and engaging with their families.
“The more time I spent with Sam, the smarter I felt he was,” he added before turning to the depth of his disillusionment.
Scaramucci recalled traveling to the Bahamas to meet with Bankman-Fried just before FTX collapsed. During this period, Scaramucci began to realize the magnitude of the trouble, describing Bankman-Fried’s behavior as “dissociative.”
Just days later, on Nov. 11, 2022, Scaramucci appeared on CNBC to say that SkyBridge Capital would attempt to buy back its equity stake acquired by FTX, but doing so will now require going through the company’s formal bankruptcy process. In the same interview, Scaramucci admitted to liking and trusting both Bankman-Fried and FTX while apologizing to investors for the error in judgment. However, he was far from the only one who fell for it.
Sam Bankman-Fried is on trial for fraud in the Southern District of New York. He is presumed innocent until proven guilty.
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Jacob Oliver
Jacob Oliver is a recovering academic and English teacher turned crypto journalist and web3 writer. He holds a Ph.D. from the University of Washington.
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In this article
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
SkyBridge Capital Management
SkyBridge offers a wide variety of digital asset offerings that include investments in equities and tokens and are available on both public and private markets.
Anthony Scaramucci is an acclaimed American entrepreneur and political consultant, making headlines for his fleeting role as the White House Director of Communications from July 21 to July 31, 2017.
Sam Bankman-Fried is the former CEO, and co-founder of defunct crypto exchange FTX and Alameda Research.
