SkyBridge Capital, the asset management firm of American multi-millionaire investor Anthony Scaramucci, Sold 30% stake in Sam Bankman-Fried’s now bankrupt FTX crypto empire in September before a sudden stock market liquidity crunch earlier this month for an undisclosed amount.
However, the investment came with a catch as the fund manager had to purchase the FTX token (FTT), the native cryptocurrency of the FTX exchange. People familiar with the matter said that the move was intended to improve the price of the token.
SkyBridge has spent $10 million on FTT purchases
according to reportsScaramucci invested $10 million in FTT to honor the deal with FTX founder Sam Bankman-Fried (SBF), who stepped down as CEO after the company filed for Chapter 11 bankruptcy in a US court earlier this month.
SkyBridge revealed that it will use some of the money it received from FTX to purchase $40 million worth of digital assets to add to its balance sheet as a long-term investment.
But with FTX now underwater, Scaramucci intends to buy back 30% of the shares the exchange bought after his failed attempt to save the trading platform.
“My legal team and other partners are working to buy back that stake to remove him from the cap table,” Scaramucci said, referring to the SBF.
Scaramucci calls the SBF to tell the truth
The American went on a rescue mission to the Bahamas earlier this week to meet with Security Belt forces and left after realizing the actual state of the situation.
“And then when I got to the Bahamas, it became clear, at least from some of the people on the law and compliance team, that there was probably more going on than what was a salvage situation. When I left the Bahamas in the post Noon, I was really sad.”
Following the meeting, SkyBridge CEO urgesDr SBF to tell investors and regulators the truth about the FTX crash. Scaramucci said he wanted to wait before calling the FTX debacle a fraud, noting that no one really knows what’s going on inside the company.
Scaramucci’s SkyBridge Reportedly Buys $10 Million in FTT in Acquisition with FTX appeared first on CryptoPotato.