SkyBridge Capital can buy back stake from FTX, says Scaramucci

Former White House communications director and founder of SkyBridge Capital, Anthony Scaramucci expressed the intention of buying back the company’s stake from FTX. Once a leading crypto exchange that now filed for bankruptcy, FTX had a significant share in the investment management company that it seems to take back. However, it’s clear that the issue could take some time to get resolved, the firm’s founder added during the interview.

Scaramucci was at an interview with CNBC on Friday when he was talking about the fallen Bahamian crypto exchange’s stake in the company and plans to acquire it back. About the timeline, he said that the issue is not likely to see its end before this year’s first half. It would need “clearance from bankruptcy people, the lawyers and the investment bankers” about the buying back from FTX.

In September last year, Sam Bankman-Fried’s FTX took a 30% stake in SkyBridge Capital.

FTX filed for bankruptcy under the Chapter 11 Bankruptcy Code in November 2022. Following the bankruptcy filing, founder and former CEO Bankman-Fried stepped down from his designation. He was accused of defrauding the customers of the crypto exchange along with his associates at FTX and its sibling trading firm Alameda Research.

SBF was arrested in December by the Bahamian police and later extradited to the United States. He was charged with eight counts of federal charges from fraud to money laundering, etc.

Scaramucci considered to be a friend of SBF’s but opinionated in the interview about his breaking the rules. He said that it’s very clear that fraud took place and the legal system should have to determine the case now.

In November last year, at the time the company filed for bankruptcy and people calling out the dealings of SBF within FTX as fraud, Scaramucci reported to state to not call it fraud at the time citing it a legal term. He said to talk to SBF and his family to let their investors know the truth by taking them to the bottom of the matter.

At present, SBF is on bail of 250 million bond and living with parents at their residence. While his associates Gary Wang, co-founder of FTX and Caoline Elllison, former co-CEO at Alameda Research, pleaded guilty to the charges of their connection with the collapse of crypto exchange. However, the former FTX CEO did not plead guilty until now.