Scaramucci Flew to Bahamas to Help Bankman-Fried. It Didn’t Work

FTX bought 30% of SkyBridge Capital earlier this year, but now founder Anthony Scaramucci says he wants to buy it back from Sam Bankman-Fried

article-image

SkyBridge Capital’s Anthony Scaramucci | Source: Monika Flueckiger/"Anthony Scaramucci" (CC license)

share

SkyBridge Capital founder Anthony Scaramucci has implored FTX CEO Sam “SBF” Bankman-Fried to open up to regulators about the collapse of the exchange. 

The venture arm of crypto exchange FTX would acquire 30% of SkyBridge Capital, the companies revealed in September. Exact details of the deal were not disclosed.

SkyBridge, an alternative investment firm bullish on crypto, intended to use part of the proceeds to buy $40 million in digital assets for its corporate balance sheet as a long-term investment.

“For myself, I’ll be working on buying back my equity and restoring that,” Scaramucci told CNBC Friday.

The SkyBridge founder said he flew to the Bahamas, where FTX is based, on Tuesday seeking to help FTX. It became clear upon meeting with a “contrite” Bankman-Fried, alongside members of his team, that it was “beyond a rescue situation.”

“The good news for SkyBridge investors, we had no assets [custodied] there,” Scaramucci said. “We thought that was a potential conflict of interest, so we were saved that way.”

At the time FTX invested in SkyBridge, Scaramucci called FTX CEO Sam Bankman-Fried a “visionary” in a statement.

“I liked — and like — and trusted Sam, and that violation of trust didn’t go just to me, but 20-plus venture capitalists, people around the world that trusted the brand and trusted the technology,” Scaramucci said.

Scaramucci or not, SBF has declared FTX bankrupt

FTX said Friday morning it had commenced Chapter 11 bankruptcy proceedings alongside roughly 130 affiliated companies. Bankman-Fried resigned as FTX’s CEO, bringing in John J. Ray III — a former overseer of the liquidation of Enron — to help the company navigate next steps.

The move comes as regulatory and legal authorities look into the allegation that FTX loaned customer funds to Alameda Research, the trading arm Bankman-Fried also co-founded.

Bankman-Fried tweeted Friday that he hoped the bankruptcy process could bring transparency, trust and governance. The FTX founder said in a 22-tweet thread Thursday morning that FTX was in search of liquidity. Binance intended to acquire the company, but decided not to, citing “the latest news reports regarding mishandled customer funds and alleged US agency investigations.”   

Scaramucci told CNBC that rather than tweeting, Bankman-Fried should explain to regulators exactly what happened to his company.

“If you’re a believer in quote-unquote effective altruism, you’ve done damage to this industry, you’ve done damage to the people in this industry and the account holders that trusted you, so enough is enough,” he said. 

“Don’t let a charade go on. Speak candidly, directly and honestly so we can clean this up immediately.”

A SkyBridge spokesperson declined to comment further. 


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Tags

Upcoming Events

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Screen Shot 2024-05-16 at 14.53.45.png

Research

Loss-versus-rebalancing (LVR) is arguably Ethereum DeFi’s biggest problem, and thus reducing LVR is fundamental to the success of Ethereum. This report dives into the world of LVR. We uncover its importance for AMM designers, discuss the two major mechanism design categories and various projects developing solutions, and offer a higher level perspective on the importance of AMMs in general.

article-image

Yesterday saw Congress’ upper chamber side with the House on a measure aimed at overturning SAB 121

article-image

Oklahoma’s new crypto bill will go into effect in November of this year

article-image

The deposits hit a $20 million cap in just 45 minutes

article-image

Twelve Democratic Senators voted in favor to pass the resolution Thursday

article-image

Pump.fun is “aware” that bonding curve contracts on Pump.fun were exploited, and has since paused trading

article-image

Some investment pros are mulling crypto allocations between 1% and 10% and seeking ex-BTC exposure for interested clients