FTX Sues Anthony Scaramucci and SkyBridge Capital in Bankruptcy Fallout

FTX Files Bankruptcy Suit against Anthony Scaramucci and SkyBridge Capital

FTX, an embattled cryptocurrency company, has initiated a legal battle against Anthony Scaramucci and his hedge fund, SkyBridge Capital. This is part of FTX’s larger strategy to recover funds for creditors in the wake of its bankruptcy.

Lawsuit Amidst Multiple Legal Actions

FTX’s lawsuit against Scaramucci, the former White House communications director, is among 23 suits filed in the Delaware bankruptcy court on Friday. Other defendants include Crypto.com, a prominent digital-asset exchange, and political groups like FWD.US founded by Mark Zuckerberg, as per the court documents.

Allegations of Influence-Buying

FTX accuses its founder, Sam Bankman-Fried, of influence-buying during the 2022 crypto winter. The lawsuit alleges that Bankman-Fried made grand and flashy ‘investments’, including significant time and money into Scaramucci’s vast financial, political, and social networks.

FTX’s Claims Against Investments

FTX argues that these investments brought little benefit to the company and only served to bolster Bankman-Fried’s reputation in the political and traditional finance sectors. The bankrupt crypto firm claims that Bankman-Fried invested around $67 million into various SkyBridge ventures in 2022, apparently in response to Scaramucci’s plea for a bailout. At the time, SkyBridge’s assets under management had fallen from a 2015 high of $9 billion to just $2.2 billion.

FTX’s Venture into SkyBridge

In September 2022, Bankman-Fried and Scaramucci revealed that FTX’s venture arm would acquire a 30% stake in SkyBridge. While the financial details were not disclosed, Scaramucci stated that the investment signaled his vision for SkyBridge’s next decade.

FTX’s Downfall

A few months later, FTX filed for bankruptcy and Bankman-Fried was arrested in the Bahamas on charges of fraud. For more details on the SkyBridge crisis, read here.