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SkyBridge Capital founder Anthony Scaramucci speaks at the 2016 SkyBridge Alternatives
Mon, 01 May 2023, 11:24 am UTC
Anthony Scaramucci, the founder of SkyBridge Capital, has disclosed details of his visit to the Bahamas to meet with Sam Bankman-Fried, the former CEO of now-defunct crypto exchange FTX, during the firm's final days.
Scaramucci revealed that he flew to the Bahamas in November 2022 to speak to Bankman-Fried after it was discovered that the exchange might be on shaky financial grounds. He found a "war room" of FTX executives and believed that a small group of individuals at FTX had done something wrong.
Scaramucci acted as a mentor and partner to Bankman-Fried, coordinating the crypto wunderkind’s fundraising trips in North America and the Middle East. In early 2022, FTX bought 30% of SkyBridge Capital. Following the exchange's implosion, Scaramucci said he intended to buy back the stake from Bankman-Fried.
The latest developments in the FTX saga show that the exchange's new management has recovered over $7.3 billion in cash and liquid crypto assets, according to Andy Dietderich, an attorney for the company. Dietderich said at a US bankruptcy court hearing in Delaware that the situation has stabilized, and the company is starting to think about pushing forward with an effort to restart the bankrupt crypto exchange.
The effort to revive FTX has already drawn interest from Tribe Capital, a venture firm seeking to lead a $250 million fundraising campaign for the new platform. However, a report by FTX debtors claimed that the exchange "lacked fundamental financial and accounting controls" and failed to "implement basic, widely accepted security controls to protect crypto assets."
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