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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Scaramucci: FTX Cannot Be Saved, Sam Betrayed Me

Dalmas Ngetich
Dalmas Ngetich
2 years ago
3 mins read
Anthony_Scaramucci_at_SALT_Conference_2016-scaled

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Anthony Scaramucci, the founder of Skybridge Capital, thinks failed crypto exchange FTX cannot be saved following its bankruptcy filing. 

Ex-FTX Boss’ Betrayal

In an exclusive interview while attending the World Economic Forum in Davos, Switzerland, the founder and American entrepreneur opined that there is no way the exchange could be saved. 

Still, Scaramucci considers the founder of FTX, Sam Bankman-Fried, a friend who was given a seat at the table of “high-profile people.” The problem is he feels betrayed that Sam turned out to be “delusional” and allegedly a fraud.

Whether Sam will end up in jail or not, he adds, is up to the jury and the presiding judge.

FTX, at its peak, was among one of the largest cryptocurrency exchanges in the world, offering what was, at that time, thought to be a solid trading platform for hundreds of thousands, if not millions, of users. 

Related Reading: 59% of Bitcoin Holders Are Sitting On Profits

However, as the crypto market cratered and Bitcoin slid toward this week’s trade range of around $20k, cracks began to emerge in FTX.

 

bitcoin daily chart
Bitcoin Price Action | Source: BTCUSD on TradingView

Eventually, an explosive piece revealing the misdoings of its founder, Sam Bankman-Fried, and several accounting errors in their finances broke the camel’s back. FTX halted customer withdrawals before news broke out that they were filing for Chapter 11 Bankruptcy protection in the United States. It later emerged that FTX and its trading wing, Alameda Research, had misappropriated billions of customer funds.

Anthony Scaramucci: Skybridge Capital Is Patient

Considering the evidence presented and claims from the restructuring officer in charge of FTX bankruptcy proceedings, Anthony Scaramucci said nothing is to be done.

He divulged that his fund wasn’t spared by the crypto winter and the FTX contagion as market prices slumped, affecting their revenue. Their core fund, Anthony said, was down 30 percent in 2022. In January 2023, there were signs of recovery, and their core funds are up double digits. Scaramucci also confirmed that Skybridge Capital is “completed unleveraged” and owns its inventory. 

Asked whether he lost money last year, he confirmed that his Bitcoin (BTC) is intact and didn’t lose any monies since he didn’t use leverage. Leverage is a trader borrows money to trade. The borrowed funds, together with the deposit, act as a margin allowing for higher profits. Still, there can be losses if a trader’s an incorrect prognosis. Traders can lose all their deposits if they use leverage and trade any other asset, including crypto. 

Anthony revealed that though FTX finds itself in crisis and could dissolve, the exchange was one of the early investors of Skybridge Capital, buying 30% of the fund. As part of the deal, the fund bought 10 percent of FTX’s FTT token only to sell it for a loss of $9.5 million. 

Related Reading: FTX’s FTT Token Spikes 43%, A Revival In The Works?

Despite this, Antony said they are patient and waiting for “what the bankruptcy people say” so that they can buy back their shares. The fund, he explains, isn’t going to blame the disgraced founder of FTX for all woes in the crypto market or Skybridge Capital. Overall, he remains confident in crypto’s prospects.

Featured image from Harvard Political Review, Charts from TradingView.com
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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