FTX, once a leading crypto exchange for Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE), has reportedly filed a lawsuit against former White House communications director Anthony Scaramucci as well as his hedge fund SkyBridge Capital.
What Happened: The lawsuit against Scaramucci is one among the 23 filed by FTX in the bankruptcy court of Delaware on Friday in a bid to gather money for the creditors of the now-bankrupt crypto exchange, Bloomberg reported. Plaintiffs of the lawsuit include digital-asset exchange Crypto.com and political groups such as the Mark Zuckerberg-founded FWD.US, the report added.
According to FTX, its founder Sam Bankman-Fried made “lavish and showy ‘investments’” through the crypto winter of 2022 including in Scaramucci for an “established financial, political, and social” network.
FTX claims in the court filings viewed by Bloomberg that the investments “conveyed little to no benefit,” and “instead served only to prop up Bankman-Fried’s standing in the worlds of politics and traditional finance.”
Why It Matters: According to FTX, Bankman-Fried invested $67 million into various SkyBridge endeavors in 2022 when SkyBridge’s assets under management had fallen to about $2.2 billion from a $9 billion high in 2015.
FTX Ventures bought a 30% stake in SkyBridge Capital in September 2022. Scaramucci then said that the firm plans to deploy capital raised from the FTX transaction to purchase more crypto assets.
FTX subsequently collapsed in November 2022.
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