By George Ward
The news that FTX Ventures is taking a 30% ownership in SkyBridge, a digital asset manager, has sparked debate, particularly in the wake of the company’s bankruptcy in November. Given the circumstances, Anthony Scaramucci, the asset manager’s CEO, recently told CNBC that SkyBridge is attempting to recover its stake.
He estimated that the process would likely conclude in the first half of 2023. The CEO remarked, “we are awaiting the authorization from the bankruptcy personnel, attorneys, and money lenders to discern what is to be repurchased, and we are confident that the outcome would be positive.”
Scaramucci indicated that “fraud” had occurred in the SBF and FTX acquisitions. Scaramucci said, “I believe it is obvious now that there was deception. We will, of course, leave it up to the legal system to decide. Nonetheless, three or four of Sam’s associates who collaborated with him have already accepted responsibility and provided details to the prosecutors.”
The CEO’s statement differed distinctly from what he told CNBC in November. When Scaramucci refrained from using the term “fraud” due to its potential legal repercussions, he instead suggested that “Sam and his family should be candid with their shareholders and get to the bottom of the matter.”
By Sept. 30, 2022, SkyBridge had a total of $2.2 billion under management, with around $800 million allocated to digital asset acquisitions.
Galaxy Digital CEO Expects A Decisive Victory
Meanwhile, Mike Novogratz, CEO of Galaxy Digital, expressed his intention to challenge SBF and Barry Silbert, CEO of Digital Currency Group, about their reported behavior during crypto winter. In a Jan. 13 Bloomberg discussion, Novogratz expressed his disapproval of SBF and other reported unlawful activities in the crypto sector over the last year.
As an example, he highlighted the $77 million that Galaxy lost in the FTX incident. He voiced his displeasure with SBF and Silbert, exclaiming, “I’m so angry I could punch them both! Are you joking with me?”
Despite the uncertain outlook of the crypto industry in 2022, Novogratz remains an unwavering advocate. He remains committed to its potential and understands the importance of its future success.
Nevertheless, the Galaxy Digital CEO laments taking fewer profits before the collapse of Terra/LUNA and FTX. He did, though, affirm that he could garner more than $1 billion before the start of the year.
For now, SkyBridge focuses on buying back the stake that FTX acquired. This decision will undoubtedly be a significant financial undertaking.
Still, it’s the only way to ensure that the company’s investors get their money back. It isn’t easy, but the truth will come out soon, and SkyBridge can move forward with its plans.