SkyBridge Capital to Buy Back the Stake it Sold to FTX, Says Scaramucci
The Founder of SkyBridge Capital – Anthony Scaramucci – said his company could buy back the major stake it previously sold to the bankrupt cryptocurrency exchange FTX in the next few months.
He also alleged the platform and its former CEO – Sam Bankman-Fried (SBF) – of committing fraud.
The FTX Case Will Resolve Itself ‘Favorably’
In a recent interview for CNBC, Scaramucci raised hopes that SkyBridge Capital could purchase back the 30% stake it sold to FTX in the following months. This will happen once the relevant participants outline all details around the trading venue’s demise:
“We’re waiting for the clearance from the bankruptcy people, the lawyers, and the investment bankers to figure out exactly what we’re going to be buying back and when.”
SkyBridge, which had to cope with some severe issues due to the bear market, pledged to use part of the capital ($40 million) generated from selling the stake to FTX to pay old investors and reinforce its balance sheet.
The former White House official also maintained for the first time that SBF’s actions resemble blatant fraud.
“I think it’s very clear now that there was a fraud. We’ll, of course, have to let the legal system determine all of those things,” he said during his latest appearance.
Initially, Scaramucci said he felt “distressed” about FTX’s collapse but refused to describe the event as a “fraud.” He opined that the regulators are the ones to determine the nature of the crash while also urging SBF and his family to share the truth with their customers.
FTX has recently located over $5 billion worth of cash and liquid assets that could reimburse some of its numerous investors. Scaramucci thinks creditors should be happy about the news, believing the case will resolve itself “favorably.”
Buying FTT?
Some reports informed that SkyBridge Capital purchased $10 million worth of FTX tokens as a condition for the stake-acquiring deal.
The asset has been on a massive downtrend ever since Binance vowed to dump its FTT stash. The price was later affected by FTX’s liquidity crash and the consecutive investigation against its ex-CEO Bankman-Fried.
The token currently trades at around $1.38, a 94% decline compared to figures from the beginning of November 2022.
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