In order to recoup extra funds, embattled FTX Derivatives Exchange has filed a lawsuit against Anthony Scaramucci By Godfrey Benjamin 2 hours ago
Highlights
- FTX Exchange has dragged Anthony Scaramucci to court
- The bankrupt firm wants to recoup $67 million in “showy” investments
- Cryptocom is also named in the suit for unknown reasons
Bankrupt cryptocurrency trading platform FTX Derivatives Exchange has filed a lawsuit against Anthony Scaramucci. Known for his political and crypto engagements, FTX is out to recoup up to $67 million the trading firm invested into SkyBridge Capital ventures.
FTX and the Eleventh Hour Lawsuit
According to a report from Bloomberg, the John Ray III led firm filed the lawsuit on November 8, an eleventh hour move before it wraps up its bankruptcy. At its peak, Sam Bankman-Fried (SBF) and Anthony Scaramucci maintained a relatively cordial relationship.
The trading platform now claims that the duo injected up to $67 million in showy investments backed by SkyBridge Capital. In addition to Anthony Scaramucci’s SkyBridge Capital, FTX also named Cryptocom and Mark Zuckerberg-founded FWD.US in the lawsuit. It is worth noting that FWD.US operates as a political group established by Facebook Founder Mark Zuckerberg.
The filing hinted that the crypto winter from early 2022 saw Bankman-Fried engaging in a campaign of influence buying. Per the report, Anthony Scaramucci marked a connection that SBF’s investment arm poured significant funds into. This investment came as a logical move considering SkyBridge Capital suffered AUM loss from $9 billion to $2.2 billion.
At the time, the business relationship between FTX and SkyBridge Capital had grown that the former considered buying a 30% stake of the later. The catch in this for SBF hinges on tapping into the political and social goodwill of Anthony Scaramucci. The trading platform is making a push to recoup the $67 million invested into SkyBridge in 2022.
This case is a major twist for the named defendants as Cryptocom recently sued the US SEC over abuse of regulatory authority. The part that concerns the crypto exchange rival was not explicitly stated.
The Exchange Evolution In the Past 2 Years
Notably, the trading platform has filed related lawsuits against many entities in its bid to recoup enough funds to repay its creditors. With its efforts in the past 2 years, the bankruptcy court has approved its creditor repayment plans. As reported by Coingape, the firm is now ready to distribute about $12 billion to its creditors.
Meanwhile, some of the masterminds of the collapse of the exchange are in jail at the moment. While SBF is serving a 25-year jail term, Ryan Salame and Caroline Ellison are serving 7.5 year and 2 year jail term respectively.
Nishad Singh managed to escape jail for his cooperation with the authorities and Gary Wang pleading for similar leniency.