FTX Cannot Be Saved, Sam Betrayed Me

Anthony Scaramucci, the founding father of Skybridge Capital, thinks failed crypto exchange FTX can’t be saved following its bankruptcy filing. 

Ex-FTX Boss’ Betrayal

In an exclusive interview while attending the World Economic Forum in Davos, Switzerland, the founder and American entrepreneur opined that there is no such thing as a way the exchange could possibly be saved. 

Still, Scaramucci considers the founding father of FTX, Sam Bankman-Fried, a friend who was given a seat on the table of “high-profile people.” The issue is he feels betrayed that Sam turned out to be “delusional” and allegedly a fraud.

Whether Sam will find yourself in jail or not, he adds, is as much as the jury and the presiding judge.

FTX, at its peak, was amongst one in all the most important cryptocurrency exchanges on the planet, offering what was, at the moment, considered a solid trading platform for lots of of 1000’s, if not tens of millions, of users. 

Nonetheless, because the crypto market cratered and Bitcoin slid toward this week’s trade range of around $20k, cracks began to emerge in FTX.


Bitcoin Price Motion | Source: BTCUSD on TradingView

Eventually, an explosive piece revealing the misdoings of its founder, Sam Bankman-Fried, and a number of other accounting errors of their funds broke the camel’s back. FTX halted customer withdrawals before news broke out that they were filing for Chapter 11 Bankruptcy protection in the USA. It later emerged that FTX and its trading wing, Alameda Research, had misappropriated billions of customer funds.

Anthony Scaramucci: Skybridge Capital Is Patient

Considering the evidence presented and claims from the restructuring officer answerable for FTX bankruptcy proceedings, Anthony Scaramucci said nothing is to be done.

He divulged that his fund wasn’t spared by the crypto winter and the FTX contagion as market prices slumped, affecting their revenue. Their core fund, Anthony said, was down 30 percent in 2022. In January 2023, there have been signs of recovery, and their core funds are up double digits. Scaramucci also confirmed that Skybridge Capital is “accomplished unleveraged” and owns its inventory. 

Asked whether he lost money last yr, he confirmed that his Bitcoin (BTC) is undamaged and didn’t lose any monies since he didn’t use leverage. Leverage is a trader borrows money to trade. The borrowed funds, along with the deposit, act as a margin allowing for higher profits. Still, there may be losses if a trader’s an incorrect prognosis. Traders can lose all their deposits in the event that they use leverage and trade every other asset, including crypto. 

Anthony revealed that though FTX finds itself in crisis and will dissolve, the exchange was one in all the early investors of Skybridge Capital, buying 30% of the fund. As a part of the deal, the fund bought 10 percent of FTX’s FTT token only to sell it for a lack of $9.5 million. 

Despite this, Antony said they’re patient and waiting for “what the bankruptcy people say” in order that they can purchase back their shares. The fund, he explains, isn’t going guilty the disgraced founding father of FTX for all woes within the crypto market or Skybridge Capital. Overall, he stays confident in crypto’s prospects.

Featured image from Harvard Political Review, Charts from TradingView.com

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