FTX sues SkyBridge Capital and its founder to recover investment funds for creditors
2024-11-10 00:46:41
Odaily News FTX has filed a lawsuit against Anthony Scaramucci and his hedge fund SkyBridge Capital in an attempt to recover funds for creditors. The lawsuit is one of 23 filed in Delaware Bankruptcy Court on Friday. Court documents show that plaintiffs also include digital asset exchange Crypto.com and political groups such as FWD.US founded by Mark Zuckerberg. FTX claims that during the crypto bear market in 2022, founder SBF "engaged in influence buying activities and made extravagant and ostentatious 'investments' throughout the year." According to the documents, one relationship that SBF invested a lot of time and money in was Scaramucci because he built a "financial, political and social" network. FTX is now chasing these investments because it claims that it "brought little benefit" and "instead only supported SBF's position in politics and traditional finance." The company said SBF invested $67 million in various SkyBridge businesses in 2022 because Scaramucci had been "seeking a bailout." SkyBridge’s assets under management have fallen to $2.2 billion from a high of $9 billion in 2015, according to filings. A representative for Scaramucci declined to comment. In September 2022, SBF and Scaramucci announced that FTX’s venture capital arm would acquire a 30% stake in SkyBridge. Financial terms were not disclosed at the time. Scaramucci said at the time that the investment reflected that he was “thinking about the next decade at SkyBridge.” (Bloomberg)
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