FTX, a bankrupt cryptocurrency company, has reportedly launched 23 lawsuits against different organizations, aiming to reclaim funds for its creditors. Among the entities targeted in these suits are SkyBridge Capital, a hedge fund led by Anthony Scaramucci, Cryptocom, and Fwd.us, a lobbying group backed by Mark Zuckerberg. The lawsuits stem from alleged influence-buying efforts by FTX founder and ex-CEO Sam Bankman-Fried, which were supposedly intended to bolster his own reputation as a potential source of equity for FTX.
FTX’s lawsuit suggests that the investments made by Bankman-Fried served little purpose for the indebted firm and were made primarily to support his standing in political and finance circles. FTX officials, including Bankman-Fried, have since been found guilty of various crimes, such as fraud and money laundering. Bankman-Fried is appealing a 25-year prison sentence.
In the case involving SkyBridge Capital and Scaramucci, FTX revealed that it procured a 30% stake in SkyBridge in late 2022, just prior to the cryptocurrency company’s bankruptcy. According to the lawsuit, FTX also sponsored Scaramucci’s SALT conferences for $12 million and invested $10 million in the SkyBridge Coin Fund. In return, Scaramucci allegedly involved himself heavily in fundraising efforts on Bankman-Fried’s behalf.
The Fwd.us lawsuit revolved around payments made by Alameda Research, another company associated with FTX, as part of a supposed scheme to divert funds from FTX creditors and boost the personal reputations of insiders. Representatives from both SkyBridge and Fwd.us haven’t commented on the situation as of yet.