Sky Bridge Buys Back From FTX - ATZCrypto

Anthony Scaramucci, the founder of SkyBridge Capital, said on Friday that SkyBridge Capital can buy back the stake it sold to the defunct cryptocurrency exchange FTX.  It will probably take months to resolve the problem.

The matter won’t be settled “until probably the end of the first half of this year.” he said. “We’re waiting for the clearance from the bankruptcy folks. The lawyers and the investment bankers will work out precisely what we’re going to be purchasing back, and when.”

Just a few months FTX declared bankruptcy in November. FTX Ventures paid an unknown sum for a 30% investment in the alternative asset manager SkyBridge.

Caught up with @Scaramucci today. FTX and Sam Bankman-Fried bought a 30% stake in Scaramucci's SkyBridge Capital before FTX collapsed. Now Scaramucci says that he's confident he'll be able to buy that stake back. Given new facts, he also alleges SBF committed fraud pic.twitter.com/jxltXdjCKW

— Arjun Kharpal (@ArjunKharpal) January 13, 2023

Sam Bankman-Fried, the former CEO and creator of FTX, was the subject of a comment by Anthony Scaramucci, who expressed his belief that foul play was probably involved.

“I believe that fraud is now crystal evident,’ she said. It goes without saying that we will have to leave all of that up to the judicial system. Three of Sam’s four coworkers have already entered guilty pleas and provided prosecutors with an explanation of their actions, though, Scaramucci said.

Galaxy CEO Seeks a Battle with SBF

Mike Novogratz claims that there is a part of him that wants to punch both Barry Silbert CEO of Digital Currency Group and SBF for their alleged shenanigans during crypto winter.

Novogratz stated that the FTX saga ultimately cost Galaxy directly $77 million. As a result, he hasn’t been a big admirer of SBF and other alleged misdeeds in the area over the past 12 months.

For their roles in the incidents that have plagued the cryptocurrency sector, Sam Bankman-Fried, and DCG’s Barry Silbert. According to Mike Novogratz, have inspired him to want to punch them in the jaw.

On paper, Mike Novogratz’s Galaxy Digital has lost $3 billion as a result of the circumstances that led to the 2022 crypto winter. The crypto investment firm is aiming to reset its operations by making difficult decisions. They include decisions such as letting go 15% of its 375 global staff but still having $1 billion in cash on its bank sheet.

Novogratz finally acknowledged that despite 2022 being such a tumultuous year for the sector, he still supports cryptocurrencies.

However, he did say that he regretted not withdrawing more money from the market earlier in 2022, before FTX and even the Terra/LUNA ecosystem collapsed. Even yet, he claims he was able to withdraw more than $1 billion before the year officially started.

Bankruptcy Reveals a $1 Billion FTX-Connected Stake in a Bitcoin Miner

Sam Bankman-Fried, the failed crypto tycoon, invested $1 billion in Genesis Digital Assets. A bitcoin miner in Kazakhstan, just months before the collapse of his FTX platform heralded a crypto winter that’s more akin to an ice age.

Bankman-Fried made the largest investment in the crypto exchange through Alameda Research. The FTX-linked hedge fund is at the heart of his firm’s bankruptcy.

He joined the Genesis board in October 2021 and resigned one day before FTX declared bankruptcy on November 10, 2022.

Bankman-Fried is out on bail and staying with his parents in California. He awaits a federal fraud trial and defended himself this week on social media.

On the email newsletter service Substack, he declared his innocence and provided his theory as to why FTX fell apart.

According to Bankman-Fried, the collapse of the crypto market and insufficient hedging by Alameda were to blame for the collapse of FTX and Alameda.

Bankman Fried’s post on Substack, “I didn’t steal money. I most certainly didn’t hide billions.” “Like Three Arrows and other companies this year, Alameda lost money as a result of a market meltdown. It was not sufficiently hedged for. FTX was affected, just as Voyager and other ships had been earlier,” he said.

Kelda Kageni

Kelda contributes blockchain and crypto perspectives that meet the industry's selective information needs in a timely, undiluted fashion. Her greatest wish is to share transformational technology through an engaging and easy-to-read style, making complex topics accessible to all.