FTX Fall Meant Worst Week In Crypto History

Anthony Scaramucci FTX Crypto News Updates: After a week of chaos in crypto market with the FTX meltdown, Anthony Scaramucci said the situation is now worsened. He said his company SkyBridge made a big commitment to crypto as it a better technology for transactions. Earlier, Anthony Scaramucci appreciated Binance and Sam Bankman-Fried’s FTX after the two announced they were exploring acquisition to resolve the latter’s liquidity issues. In a latest, the SkyBridge founder commented on the FTX situation and hesitated to call it a fraud as yet.

Read More: FTX Announces Chapter 11 Bankruptcy, Crypto Market Down 

Sam Bankman-Fried Should Speak To Regulators

Scaramucci revealed that in his recent interaction with Sam Bankman-Fried, the two discussed about helping the FTX CEO raise funds. Speaking to CNBC on Friday, he said many of his peers in the industry think this is the worst week in the history of cryptocurrencies. Expressing his distressed feelings about the situation, he added that he doesn’t like it for the industry to be in such a situation. He recommended that the FTX CEO approach regulators and explain what happened exactly.

“I will be working on buying back my equity and restoring that. The good news for SkyBridge investors is that we had no assets in custody on FTX as it raised a potential conflict of interest.”

In September 2022, FTX’s investment arm acquired a stake of 30% in SkyBridge Capital. Interestingly, this deal saved SkyBridge investors for potential exposure to FTX due to the conflict of interest clause. Adding that the FTX meltdown meant violation of trust in Sam Bankman-Fried for all investors, Scaramucci said the FTX CEO should come forward and speak truth before regulators. He said that if Sam Bankman-Fried were a believer in effective altruism, he would not damage the industry and the people involved.

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

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