Sam Bankman-Fried Should Tell the Truth, Suggests Skybridge CEO

FTX Ventures acquired 30% stacks of Skybridge Capital in September 2022.
Bitvo, a crypto trading platform, was acquired by FTX.

FTX exchange was among the top three crypto exchanges in the crypto market globally, and it was not believed that FTX could also crash.

Sam Bankman-Fried posted the news of FTX’s bankruptcy on Twitter on 11 November 2022.

In an interview with CNBC Anthony Scaramucci, the Chief Executive Officer of Skybrige Capital talked about the failure of FTX.

Scaramucci urged EX.CEO of FTX to speak up about the truth behind it and transparently present why the giant crypto exchange collapsed.

Anthony also suggested Sam to present the facts responsible for the FTX crash in front of regulators, users, and investors.

The CEO of the hedge fund noted that he visited the Bahamas to meet Sam, very uneasy after seeing him in this trouble.

Scaramucci highlighted that “When the crisis hit over the weekend, I made a unilateral decision to fly down to the Bahamas on Tuesday in the spirit of helping… The original idea was this is a rescue finance situation and could we somehow help, which would obviously help the entire industry.”

“And then when I got to the Bahamas, it became clear, at least from some of the people that worked on the legal and compliance team, that perhaps there was more going on than it being a rescue situation. So when I left the Bahamas in the afternoon, I was actually distressed.”

“I don’t want to call it fraud at this moment because that’s actually a legal term, and none of us know, and we have to leave it up to the regulators, and obviously we have to give everybody a presumption of innocence, but I have to tell you I’m distressed about it. I don’t like it for the industry.”

Anthony also told Sam that he should stop creating long Twitter threads and come to the mainstream and recite the truth of FTX collapse.

“I would implore Sam and his family… to tell the truth to their investors, get to the bottom of it, stop 22 tweets, but get themselves in front of a regulator and explain exactly what happened…. And if there was fraud, let’s clean it up to the extent possible and repair the accounts at FTX.”

Scaramucci noted that his foremost motive is to purchase Skybridge Capital equity, which he sold to FTX Venture

in September 2022. He also mentioned that Sam broke his and other investors’ trust.

Anthony concluded by noting, ” For myself, I’ll be working on buying back my equity and restoring that… The bad news is, and I’ll say this very candidly to everybody, I liked and liked and trusted Sam. That violation of trust didn’t go just to me but to 20+ venture capitalists and people around the world that trusted the brand and the technology. I recommend to the family members and Sam to get to a regulator and disclose everything.”

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing