Skybridge Capital Founder Plans Buying Back Shares Sold to FTX

  • SkyBridge Capital plans to repurchase the 30% stake it sold to FTX.
  • The ex-White House staffer finally admitted that SBF’s practices reflect outright fraud.

SkyBridge Capital founder Anthony Scaramucci has said that his firm may repurchase the majority share it sold to the defunct cryptocurrency exchange FTX in the coming months. He also made claims of fraud on the part of the platform and its previous CEO, Sam Bankman-Fried (SBF).

Scaramucci recently expressed optimism to CNBC in an interview. That SkyBridge Capital will be able to repurchase the 30% stake it sold to FTX in the coming months. This will occur when all involved parties have publicly disclosed all relevant information about the trading venue’s closure.

Repay Investors and Strengthen Balance Sheet

SkyBridge, which faced significant challenges as a result of the bear market, promised to utilize some of the $40 million in proceeds from the sale of the stake to FTX to repay former investors and strengthen its balance sheet. Additionally, the ex-White House staffer finally admitted that SBF’s practices reflect outright fraud.

Scaramucci first expressed “distress” about FTX’s demise but refused to use the word “fraud” to characterize the occurrence. He believes that the authorities should establish what caused the collision and he wants SBF and his family to be honest with their clients.

Recently, FTX discovered more than $5 billion in cash and liquid assets, which it may use to repay some of its many investors. Scaramucci believes the issue will settle itself “favorably,” thus creditors should be relieved. SkyBridge Capital reportedly spent $10 million for FTX tokens as part of the stake-buying arrangement.

Since Binance said it will sell its FTT, the asset has been on a precipitous decline. As time went on, the price was impacted by events like FTX’s liquidity fall and the ongoing inquiry against the company’s ex-CEO, Bankman-Fried.

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A diploma graduate who is passionate about digital currency and loves writing. He loves the concept of crypto and keeps himself up to date with the latest development and news of the crypto world.