In a dramatic turn of events within the ongoing FTX bankruptcy saga, the once-leading cryptocurrency exchange has filed a lawsuit against former White House Communications Director Anthony Scaramucci and his hedge fund, SkyBridge Capital. This lawsuit is one of 23 filed by FTX in Delaware bankruptcy court, all aimed at recouping funds for the exchange’s creditors.
FTX’s lawsuit alleges that former CEO Sam Bankman-Fried made substantial investments in Scaramucci’s ventures during the 2022 crypto winter, a period marked by a significant downturn in the cryptocurrency market. These investments, according to FTX, were “lavish and showy” and provided minimal benefit. The lawsuit claims that these investments were made to bolster Bankman-Fried’s reputation in the worlds of traditional finance and politics, rather than serving any strategic purpose.
The lawsuit cites a $67 million investment made by Bankman-Fried in various SkyBridge endeavors in 2022. This was done at a time when SkyBridge’s assets under management had shrunk to $2.2 billion from a peak of $9 billion in 2015. Further compounding the issue, FTX Ventures acquired a 30% stake in SkyBridge Capital in September 2022. Scaramucci subsequently announced plans to utilize the funds raised through this transaction to purchase additional crypto assets. However, FTX’s subsequent collapse in November 2022 casts a shadow on the wisdom of this investment.
The lawsuit, filed against Scaramucci and SkyBridge Capital alongside other entities including Crypto.com and political organizations like FWD.US, highlights the potential financial mismanagement at the heart of FTX’s downfall. This legal action underscores the complexities of the ongoing bankruptcy proceedings and the intense scrutiny under which FTX’s former leadership is now operating.
