Anthony Scaramucci, founder of Skybridge Capital, believes that failed crypto exchange FTX cannot be saved after bankruptcy.
Ex-FTX boss cheat
Founder and American entrepreneur in an exclusive interview while attending the World Economic Forum in Davos, Switzerland. gave an opinion That there is no way to save the exchange.
Still, Scaramucci considers FTX founder, Sam Bankman-Fried, a friend who was given a seat at the table of “high-ranking people.” The problem is that he feels betrayed by Sam. “Deceptive” and allegedly turned out to be a fraud.
Whether or not Sam ends up in prison is up to the jury and the presiding judge, he added.
FTXAt its peak, it was one of the largest cryptocurrency exchanges in the world, offering at the time, what was considered a solid trading platform for millions, if not millions, of users.
However, as the crypto market crated And as Bitcoin slipped toward this week’s trading range of around $20k, cracks began to emerge in FTX.
Eventually, an explosive piece exposing the misdeeds of its founder, Sam Bankman-Freud, and several accounting errors in his finances broke the camel’s back. FTX halted the customer’s return before news broke that they were filing for Chapter 11 bankruptcy protection in the United States. It later emerged that FTX and its trading wing, Alameda Research, misappropriated billions in customer funds.
Anthony Scaramucci: Skybridge Capital is patient.
Considering the evidence presented and the claims of the restructuring officer in charge of the FTX bankruptcy proceedings, Anthony Scaramucci said there was nothing to be done.
He revealed that his fund was not immune to the crypto winter and FTX contagion as market prices fell, affecting his income. Anthony said his core fund was down 30 percent in 2022. In January 2023, there were signs of recovery, and their core funds are in double digits. Scaramucci also confirmed that Skybridge Capital is “completely unleveraged” and owns its inventory.
Asked if he lost money last year, he Confirmed That his Bitcoin (BTC) is intact and he didn’t lose any money because he didn’t use leverage. Leverage A trader borrows money to trade. Borrowed funds, along with deposits, act as margin allowing higher returns. Still, losses can occur if the trader misjudges. Traders can lose all their deposits if they use leverage and trade any other asset, including crypto.
Anthony revealed that although FTX finds itself in crisis and may dissolve, the exchange was one of Skybridge Capital’s early investors, buying 30% of the fund. As part of the deal, the fund bought 10 percent of FTX’s FTT token to sell at a loss of $9.5 million.
Even so, Antony said he is being patient and waiting for “what the bankruptcy people say” about buying back his shares. He explains that the fund will not hold the infamous founder of FTX responsible for all the troubles in the crypto market or Skybridge Capital. Overall, he is confident in crypto’s prospects.
Featured image from Harvard Political Review, charts from TradingView.com
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