The bankruptcy estate of former crypto giant FTX, which infamously imploded in November 2022, has launched a lawsuit to reclaim over $100 million from SkyBridge Capital and its founder, Anthony Scaramucci. The funds are related to business ventures and monetary investments made by FTX’s ex-CEO, Sam “SBF” Bankman-Fried, with SkyBridge and Scaramucci prior to the exchange’s downfall.
The bankruptcy-related lawsuit stems from several business arrangements stretching back to 2022, starting with a $12 million sponsorship of Scaramucci’s SALT conference. Later, in a questionable business move, Bankman-Fried asked Alameda Research to pour $10 million into the SkyBridge Coin Fund. The perplexing decisions continued with FTX acquiring a 30% interest in companies managing SkyBridge investment vehicles for a hefty sum of $45 million. FTX’s lawyers have painted this move as irrational, stating that FTX Group could have acquired the same assets for considerably less.
To add to the controversy, the lawsuit alleges a breach of agreement on SkyBridge’s side. Supposedly, a portion of the digital assets was sold in 2023 without required permission from FTX. These Bitcoin and Solana holdings, part of the deal between FTX and SkyBridge, are estimated to be valuated at $120 million at present day market rates–in 2023, they were sold for an alleged $60 million.
This is just one of numerous legal battles FTX’s bankruptcy estate has been embroiled in recently. Litigation has already been initiated against KuCoin and Crypto.com in an attempt to recover over $50 million and $11 million in assets, respectively.