Founder of Skybridge Capital and former White House Communications Director Anthony Scaramucci speaks during the 10th annual SALT Conference at the Bellagio on Wednesday, May 8, 2019, in Las Vegas. (Photo by David Becker)
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.