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FTX founder Sam Bankman-Fried has told Anthony Scaramucci to buy digital tokens created by his cryptocurrency exchange as a condition of acquiring a 30% stake in SkyBridge Capital. knowing the contract.
Fund manager SkyBridge, led by Scaramucci, has purchased $10 million worth of FTT. FTXsaid the two.
FTX’s bankruptcy after last week’s liquidity crisis has rocked the crypto industry, sparked investigations by global regulators and left over a million creditors behind.
Until recently bankman fried It was considered a billionaire backer of the crypto industry. He also came to the rescue of SkyBridge, which has invested heavily in cryptocurrencies over the past two years under Scaramucci’s leadership.
of handle Bankman-Fried and Scaramucci announced in September that FTX Ventures would pay $45 million for a 30% stake in SkyBridge. Under the terms of the deal, SkyBridge was obliged to spend his $40 million on cryptocurrency purchases.
At the time, Scaramucci said the deal was proof that SkyBridge had a long-term future. “People don’t think you’re out of business when you have $50 million in liquidity on your balance sheet,” he said. told reporters At the Salt Financial Conference in New York in September.
Now Scaramucci is looking for a way to buy back his company’s stake in FTX even as Bankman-Fried’s crypto empire goes through bankruptcy proceedings, he recently told CNBC. .
Scaramucci and Skybridge declined to comment Wednesday. Bankman-Fried did not return requests for comment.
FTT engulfed FTX in financial crisis after documents leaked to crypto publication CoinDesk showing Alameda Research, a sister trading firm owned by Bankman-Fried, had a large amount of tokens on its balance sheet About the financial health that played a key role and caused concern.
Anxiety erupts after CEO Changpeng Zhao of rival crypto exchange Binance announced earlier this month that he would sell about $600 million in FTT, which he received as part of a withdrawal from an early equity investment in FTX. increased. The move threatened to drive down the price of FTT.
In an interview at the Bloomberg New Economy Forum on Tuesday, Scaramucci said Binance’s decision to sell FTT was motivated by Bankman-Fried’s negative comments about Zhao during his recent trip to the Middle East. I’m assuming that your comment was the trigger.
FTT tokens are not widely traded. According to CoinMarketCap, just 10 cryptocurrency wallets control 94% of the coin supply. Analysts at crypto research firm Kaiko said Alameda stepped in to buy FTT and protect it after the price of the token was squeezed earlier last week.
FTT finally collapsed last Tuesday as FTX stumbled from customer withdrawals and liquidity crisis. Tokens had him above $26 in early November, and now he’s below $2.
SkyBridge began nearly 20 years ago as a fund in a hedge fund business providing wealthy clients with access to the industry’s most renowned investment managers. Scaramucci, who briefly served as White House communications director under former President Donald Trump, tried to sell the business to China’s HNA Group, but the sale was not made by the Trump administration.
