According to the latest statements, Anthony Scaramucci, a well-known name in the cryptocurrency space, has invested $ 10 million in FTT. Scaramucci invested $10 million in FTT when FTX Venture bought a 30 percent stake in SkyBridge Capital. Now he says he regrets it. Here are the details…
Scaramucci bought from cryptocurrency exchange FTX token
According to reports, Scaramucci has invested $10 million in FTT to fulfill the deal with FTX founder Sam Bankman-Fried (SBF). However, as we reported on Cryptokoin.com, the firm filed for Chapter 11 bankruptcy in a US court earlier this month. Sam Bankman Fried resigned from the CEO position. SkyBridge has announced that it will use some of the funds it receives from FTX to purchase $40 million worth of crypto assets to add to its balance sheet as a long-term investment.
However, now that FTX is bankrupt, Scaramucci plans to buy back the 30 percent equity acquired by the exchange after failed attempts to save the trading platform. The deal, which Bankman-Fried and Scaramucci announced in September, included a $45 million payment by FTX Ventures for a 30 percent stake in SkyBridge. Under the terms of the deal, SkyBridge had to spend $40 million to purchase cryptocurrencies.
Scaramucci tries to buy back his stake
At the time, Scaramucci said the transaction was proof that SkyBridge has a long-term future. “People don’t think you’re going to lose your job if you have $50 million in liquid assets on your balance sheet,” he told reporters at the Salt finance conference in New York in September. Even as Bankman-Fried’s crypto empire goes through bankruptcy proceedings, he is now looking for ways to repurchase FTX’s stake in his firm, Scaramucci recently told CNBC.
FTT played a pivotal role in the financial crisis that engulfed FTX after a leaked document showed that its sister trading company Alameda Research, also owned by Bankman-Fried, held large amounts of tokens on its balance sheet. Concern has risen after Changpeng Zhao, CEO of rival crypto exchange Binance, said earlier this month that he will sell the roughly $600 million in FTT he received as part of his exit from his early equity investment in FTX. The move lowered the price of FTT.
In an interview with Bloomberg New Economy Forum on Tuesday, Scaramucci said Binance’s decision to sell FTT was driven by negative comments Bankman-Fried made about Zhao during a recent trip to the Middle East. Meanwhile, the FTT token is not widely traded. According to CoinMarketCap, only 10 crypto wallets control 94 percent of the coin supply. According to analysts at crypto research firm Kaiko, when the token price came under pressure earlier last week, Alameda stepped in to buy and defend FTT.
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