FTX, previously a prominent cryptocurrency exchange for Bitcoin, Ethereum, and Dogecoin, has reportedly instigated legal proceedings against former White House communications director Anthony Scaramucci and his hedge fund, SkyBridge Capital. This lawsuit is part of 23 others filed by FTX in Delaware’s bankruptcy court on Friday.
The primary objective of these lawsuits is to amass funds for the creditors of FTX, which has declared bankruptcy. Other plaintiffs in the lawsuit involve Cryptocom, a digital asset exchange platform, and political entities like FWD.US founded by Mark Zuckerberg.
FTX attributes its financial troubles to founder Sam Bankman-Fried’s ill-advised investments, particularly into Scaramucci’s firm, for an expansive financial, political, and social network, which brought little to no gains. These investments seemingly only bolstered Bankman-Fried’s standing in politics and traditional finance.
It’s noteworthy to mention that in 2022, Bankman-Fried invested $67 million into various SkyBridge projects when its assets under management were only about $2.2 billion, a drop from $9 billion in 2015. FTX Ventures acquired a 30% stake in SkyBridge Capital in September 2022, and the organization planned to utilize capital from the FTX deal to acquire more cryptocurrency assets. Unfortunately, FTX would declare bankruptcy two months later in November.
