SkyBridge Capital founder Anthony Scaramucci said his firm could buy back the principal stake it previously sold to bankrupt cryptocurrency exchange FTX in the coming months.
He also accused the platform and its former CEO, Sam Bankman-Fried (SBF), of committing fraud.
The FTX case will be resolved only ‘favorably’
In a recent interview for CNBC, Scaramucci expressed the hope that SkyBridge Capital could buy back the 30% stake it sold to FTX in the months that followed. This will happen once the relevant participants describe all the details about the demise of the trading venue:
“We are waiting for clearance from the bankruptcy people, the attorneys and the investment bankers to find out exactly what we are going to buy back and when.”
Anthony Scaramucci, Source: CNBC
SkyBridge, which had to deal with some serious problems due to the bear market, committed to use part of the capital ($40 million) generated from the sale of the stake to FTX to pay off former investors and bolster its balance sheet.
The former White House official also argued for the first time that SBF’s actions resemble blatant fraud.
“I think it is now very clear that there was fraud. Of course, we will have to let the legal system determine all those things, ”she said during his last appearance.
Initially, Scaramucci saying he was “distraught” by the FTX collapse, but refused to describe the event as a “fraud”. He opined that regulators are the ones to determine the nature of the accident and also urged SBF and his family to share the truth with their clients.
FTX recently located over $5 billion in cash and liquid assets that could repay some of its numerous investors. Scaramucci believes that the creditors should be happy with the news, believing that the case will be resolved “favourably”.
Some reports reported that SkyBridge Capital bought $10 million worth of FTX tokens as a condition of the buyout deal.
The asset has been in a massive downtrend since Binance swore to dump your FTT stash. The price was later affected by FTX’s liquidity drop and the back-to-back investigation against its ex-CEO Bankman-Fried.
The token is currently trading at around $1.38, a 94% decrease compared to early November 2022 figures.
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This post SkyBridge Capital to buy back stake it sold to FTX, says Scaramucci
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