SkyBridge founder plans to buy back 30% stake FTX, appeals to SBF to come clean News ▸ US ▸ FTX ▸ Bankruptcy
SkyBridge founder plans to buy back 30% stake FTX, appeals to SBF to come clean
FTX Ventures purchased 30% of SkyBridge in September, providing capital for SkyBridge to expand, develop new products, and introduce cryptocurrencies.
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Updated: Sep. 27, 2023 at 6:48 pm UTC
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SkyBridge Capital founder Anthony Scaramucci told CNBC on Friday that the company is trying to buy back the stake FTX had acquired in the alternative investment firm.
“We’re in a worse position because of the fact that we made the decision to have Sam join the cap table at SkyBridge,” Scaramucci said. “There’s no question that we’re in a worse position. He’s hurt the industry.”
"I would implore Sam and his family to tell the truth to their investors," says @Scaramucci on @SBF_FTX. "I don't want to call it fraud at this moment, because that's a legal term and none of us know. We have to leave it up to the regulars. But I'm distressed about it." pic.twitter.com/ldgPDMqlsQ
— Squawk Box (@SquawkCNBC) November 11, 2022
The investment arm of FTX, FTX Ventures, agreed to buy 30% of SkyBridge in September. FTX Ventures provided Scaramucci’s fund with capital to expand, build new products, and introduce cryptocurrencies.
The company planned to invest $40 million of the funds in cryptocurrencies over the long run to hold on to its balance sheet. However, due to the steep fall in the price of cryptocurrencies, the firm had to mark down some assets.
Moreover, Scaramucci confirmed that SkyBridge does not have assets under custody at FTX, citing the potential conflict of interest.
“Stop 22 tweets…explain exactly what happened”
As part of his CNBC interview, Scaramucci suggested that Bankman-Fried and his family make FTX’s events public to clarify matters.
“Stop 22 tweets, but get themselves in front of a regulator and explain exactly what happened,” Scaramucci told CNBC. “If there was a fraud, let’s clean it up to the extent possible and repair the accounts FTX has.”
The SkyBridge CEO has been an outspoken supporter of cryptocurrencies and has guided the company into several new crypto offerings since late 2020. The firm had also tried to list a spot bitcoin ETF earlier, but the SEC rejected it because of unclear regulations.
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Soumen Datta
Soumen is a dedicated researcher and writer in the field of cryptocurrencies, DeFi, NFTs, and GameFi projects.
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FTX is a cryptocurrency derivatives exchange that offers futures, leveraged tokens and OTC trading.
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.
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.
