AI Trading

In a recent interview, Anthony Scaramucci, founder of SkyBridge Capital, commented on the ongoing FTX saga. According to the founder, FTX had purchased 30% of SkyBridge’s shares months back.

Presently, the company is trying to buy back the shares, given the recent FTX crisis. Unfortunately, this could be difficult considering FTX’s latest bankruptcy filings.

On November 11th, CNBC interviewed Anthony Scaramucci moments before FTX filed for chapter 11 bankruptcy. According to Scaramucci, his legal team and other stakeholders are trying to repurchase FTX’s 30% share.

“We decided to allow Sam Bankman-Fried to join the company some months back. However, the recent crisis has put us in a tight corner. Bankman-Fried has harmed the crypto sector for sure,” Scaramucci added.

AI Trading

Two months ago, FTX announced that it bought 30% shares in Scaramucci’s company. According to a Bloomberg report, Scaramucci used the funds from FTX for some operations.

SkyBridge Capital used the funds to expand the company, stack more digital currencies, and launch new products. Additionally, the SkyBridge founder said the recent crypto market decline had affected the firm.

As a result, SkyBridge marked down some assets. Also, the company’s exposure to the FTT token has worsened matters. However, Scaramucci did not reveal how much the company lost because of the FTT tokens.

In September, the entrepreneur named Bankman-Fried, a visionary who has set up big businesses. Scaramucci noted that these businesses were in tune with SkyBridge’s plans.

At the time, Bankman-Fried supported the company’s annual SALT conference. The FTX founder also said FTX and SkyBridge would partner on crypto and non-crypto-related investments.

SkyBridge suspended withdrawals in its Legion Strategies Fund a few months ago. This was due to steep drops in equities and cryptocurrencies, which cut its stake in private firms to 20%. FTX was one of the fund’s private investments.

Scaramucci Tried To Bail FTX Out

On Thursday, the FTX CEO, who recently stepped down from his position, closed Alameda Research, the firm at the center of FTX’s recent financial woes.

Furthermore, Scaramucci said he tried to help Bankman-Fried with its financial crisis. He initially believed the issue was more of a money problem. However, the issue became much more profound when he got to the Bahamas.

Scaramucci stated that Bankman-Fried did not tell regulators the truth about FTX’s situation. Concluding his interview, Scaramucci said that Bankman-Fried disappointed and duped him.

Meanwhile, FTX’s latest bankruptcy filings affect over 130 companies linked with the company. Notable among them are FTX.US and Alameda Research.

However, some of FTX’s entities were not part of the chapter 11 bankruptcy filing. They include LedgerX, FTX Digital Markets, FTX Express Pay, and FTX Australia.

AI Trading produces top quality content for crypto companies. We provide brand exposure for hundreds of companies. All of our clients appreciate our services. If you have any questions you may contact us. Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors and the views expressed in them do not reflect the views of this website. Herald Sheets is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.

George Ward

By George Ward

George Ward is a crypto journalist and market analyst at Herald Sheets, known for his engaging articles on the latest digital currency trends. With a background in finance and journalism, he presents complex topics accessibly. George holds a degree in Business and Finance from the University of Cambridge.