FTX has initiated legal action against Anthony Scaramucci and his hedge fund, SkyBridge Capital, as part of its larger effort to recover funds for the creditors of the company, which is currently undergoing bankruptcy proceedings.
The lawsuit, filed in Delaware bankruptcy court, is one of 23 legal actions taken on Friday. Among the plaintiffs in these cases are notable entities such as the digital asset exchange Crypto.com and various political organizations, including FWD.US, a group co-founded by Mark Zuckerberg. These actions reflect FTX’s ongoing efforts to reclaim assets amidst its financial turmoil.
FTX claims that throughout the crypto downturn of 2022, its founder Sam Bankman-Fried carried out a strategy of “influence-buying” and made extravagant, attention-grabbing investments.
“One connection that Bankman-Fried poured significant time and money into” was Scaramucci, for his “established financial, political, and social” network, according to the filing.
FTX is now targeting these investments, arguing that they provided little or no value and were primarily intended to enhance Sam Bankman-Fried’s reputation in both political and traditional financial circles.
The bankrupt crypto company alleges that Bankman-Fried invested $67 million into several projects linked to SkyBridge Capital in 2022, at a time when SkyBridge founder Anthony Scaramucci was reportedly seeking a financial bailout. According to court documents, SkyBridge’s assets under management had significantly declined from a peak of $9 billion in 2015 to just $2.2 billion by the time of these investments.
A spokesperson for Anthony Scaramucci has declined to provide any comment on the ongoing situation. Back in September 2022, Sam Bankman-Fried and Scaramucci jointly announced that FTX’s venture arm would be acquiring a 30% equity stake in SkyBridge Capital, Scaramucci’s hedge fund. However, the specifics of the financial arrangement, including the terms of the deal, were not disclosed at that time.
During the announcement, Scaramucci emphasized that the partnership was part of his strategic vision for the future of SkyBridge, explaining that the investment reflected his forward-thinking approach and long-term plans for the firm’s growth over the next decade.
Just a few months after the announcement of the deal, FTX filed for bankruptcy, marking a dramatic collapse of the company. Simultaneously, Sam Bankman-Fried, the founder of FTX, was arrested in the Bahamas on charges of fraud.
This arrest came in the wake of the financial turmoil surrounding the company, further intensifying the scandal and drawing widespread attention to the alleged mismanagement and illegal activities that led to the downfall of the once-prominent crypto exchange.
The case is FTX Trad. Ltd., Bankr. D. Del., No. 22-11068, suit 11/8/24.
or a specific category with our 
Comments are closed, but trackbacks and pingbacks are open.