Key Takeaways:
- FTX’s bankruptcy estate is suing SkyBridge Capital and Anthony Scaramucci to reclaim over $100 million in investments tied to the former FTX CEO.
- The lawsuit claims FTX’s investments with SkyBridge lacked financial prudence, citing internal critiques that it was an unnecessary expenditure.
- FTX alleges that SkyBridge breached their agreement by selling digital assets without required authorization, potentially undervaluing Bitcoin and Solana involved.
The FTX bankruptcy estate has filed a lawsuit against Anthony Scaramucci’s firm, SkyBridge Capital, seeking to recover over $100 million in investments and sponsorships tied to former FTX CEO Sam Bankman-Fried.
This action follows significant financial commitments made by FTX and its affiliate, Alameda Research, to SkyBridge and related ventures before FTX’s collapse.
FTX filed a lawsuit against Anthony Scaramucci and his hedge fund SkyBridge Capital as part of a broader effort to claw back money for creditors of the bankrupt company. https://t.co/H9mXHVdH3d
— Bloomberg Crypto (@crypto) November 10, 2024
These include a $12 million sponsorship for Scaramucci’s SALT conference and a $10 million investment in SkyBridge’s Coin Fund in early 2022.
Later that year, FTX purchased a 30% stake in SkyBridge’s management companies for $45 million—a move FTX attorneys argue lacked strategic sense, as FTX could have managed similar cryptocurrency investments internally for less.
FTX further alleges that SkyBridge breached their agreement by selling certain digital assets in 2023 without FTX’s required approval, resulting in significant financial losses.
FTX’s bankruptcy team wants over $100M back from SkyBridge Capital & Anthony Scaramucci to
— Professor Crypto (@profcryptotalks) November 10, 2024
This will recoup funds SBF poured into sponsorships and investments before FTX’s collapse. 💸
It all started with a $12M SALT conference sponsorship in early 2022, then a $10M… pic.twitter.com/UFd2d0BYp3
At current market values, FTX estimates the Bitcoin and Solana assets in question could now be worth $120 million, compared to $60 million at the time of SkyBridge’s alleged sale.
This lawsuit is part of broader efforts by FTX’s bankruptcy estate to recoup funds, including recent suits against KuCoin and Crypto.com to reclaim additional assets.
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