As a seasoned crypto investor with a knack for navigating through the stormy seas of digital finance, I find myself both intrigued and dismayed by the recent turn of events involving FTX, SkyBridge Capital, and Anthony Scaramucci.
The bankruptcy administrator for FTX aims to retrieve approximately $100 million from SkyBridge Capital and its founder, Anthony Scaramucci, as reimbursement for funds used by the previous CEO of FTX, Sam Bankman-Fried (SBF), in sponsorship and investment agreements with Scaramucci and SkyBridge, dating back to 2022.
Based on the information from the November 8th court document, it appears that Bankman-Fried initiated business dealings with SkyBridge Capital and Scaramucci prior to FTX’s downfall. These dealings started with a $12 million sponsorship of Scaramucci’s SALT conference in January 2022. Following this, in March 2022, Bankman-Fried instructed Alameda Research to invest $10 million into the SkyBridge Coin Fund.
In September 2022, FTX spent $45 million to acquire a 30% ownership in the management companies of SkyBridge’s investment vehicles. Lawyers for FTX described this investment as financially questionable, claiming that it would have been cheaper for FTX Group to directly purchase, at a lower cost, the collection of cryptocurrencies that formed the bulk of the $45 million investment. In their written statement, the lawyers expressed this sentiment by saying: “The FTX Group could have more economically acquired the same basket of cryptocurrencies on its own.
“Employees at the FTX Group noted internally at the time that it made no economic sense for Alameda Research Ventures, which was itself in the business of trading in cryptocurrency assets, to place so much money with a third-party manager that was less experienced than it was in the same business.”
The filing additionally alleged that SkyBridge violated the terms of the agreement by selling some digital assets in the year 2023, without initially seeking approval from FTX, a point that FTX’s legal team claims was a crucial condition specified in the contract.
In simpler terms, the legal team representing the bankrupt exchange clarified that the Bitcoin (BTC) and Solana (SOL) investments acquired under the FTX-SkyBridge deal were valued at approximately $120 million according to current market values. However, these assets were previously worth around $60 million when SkyBridge is said to have sold them in 2023.
FTX files other lawsuits
In the past few weeks, the bankruptcy of FTX has sparked numerous legal actions. Specifically, on October 28th, FTX initiated a lawsuit against KuCoin with the aim of retrieving approximately $50 million worth of assets that were frozen by KuCoin earlier in 2022.
Lately, on November 7, 2024, FTX initiated a lawsuit against Crypto.com with the aim of retrieving over $11 million worth of assets that have been under Crypto.com’s control since 2022.
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2024-11-09 23:40