FTX, the bankrupt crypto exchange, is trying to get its money back from Anthony Scaramucci and his hedge fund company, SkyBridge Capital.
FTX Claims “Investments” Were Actually Influence Buying
FTX’s lawyers say that Sam Bankman-Fried (SBF), the former FTX CEO, spent a lot of money on “investments” that were really just a way to buy influence. They claim that SBF was trying to get ahead in politics and traditional finance during the crypto market downturn in 2022.
SBF’s “Investments” Included SkyBridge
One of SBF’s “investments” was in SkyBridge. FTX invested $67 million in SkyBridge in 2022, which they called a “bailout” because SkyBridge had been losing money. Later that year, FTX bought 30% of SkyBridge.
FTX says that these investments didn’t benefit the exchange and were just a way for SBF to get closer to people in power.
FTX Wants Its Money Back
FTX is now suing SkyBridge and other companies that received money from SBF’s “investments.” They want to recover the money so they can pay back their creditors.
FTX Is Working to Recover Assets
FTX is working hard to recover assets so they can pay back their creditors. They recently negotiated an agreement with Bybit to withdraw $228 million worth of assets.
FTX plans to start paying back creditors in late 2024 or early 2025. However, only a small portion of the money will be returned to the crypto market.
