FTX Targets SkyBridge Capital and Anthony Scaramucci for $100 Million Recovery Efforts

As reported by Cointelegraph on November 10th, FTX has launched a legal initiative to reclaim over $100 million from SkyBridge Capital and its founder, Anthony Scaramucci. This recovery stems from a sponsorship and investment agreement established between the former FTX CEO, Sam Bankman-Fried (SBF), and Scaramucci dating back to 2022. Legal documents dated November 8th illuminate the financial engagements prior to FTX’s bankruptcy, showcasing a timeline of strategic investments and partnerships.

Notably, in January 2022, SBF financed a $12 million sponsorship for Scaramucci’s SALT conference. Following this, in March, Alameda Research, SBF’s trading firm, injected $10 million into the SkyBridge Coin Fund. The culmination of these dealings saw FTX acquiring a 30% stake in the fund management firm for $45 million in September 2022. FTX’s legal representatives have criticized this purchase, asserting that the investment could have been executed at a significantly reduced cost, emphasizing the flawed financial rationale behind the premiums paid for cryptocurrency assets.