In a bold move, the bankrupt crypto exchange FTX has filed a lawsuit against Anthony Scaramucci and his hedge fund SkyBridge Capital, as part of a broader effort to recover funds for its creditors. The lawsuit is one of 23 filed in the Delaware bankruptcy court, targeting a range of entities, including digital-asset exchange Crypto.com and political groups like the Mark Zuckerberg-founded FWD.US.

Unraveling the Web of Influence and Investments

Bankman-Fried's Influence-Buying Campaign

FTX alleges that during the crypto winter of 2022, founder Sam Bankman-Fried engaged in a calculated "campaign of influence-buying" throughout the year, making "lavish and showy 'investments'" to bolster his standing in the worlds of politics and traditional finance. One such connection that Bankman-Fried is said to have poured significant time and money into was Scaramucci, leveraging the former White House communications director's "established financial, political, and social" network.According to the filing, Bankman-Fried invested a staggering $67 million into various SkyBridge endeavors in 2022, as Scaramucci was reportedly "seeking a bailout." This investment came at a time when SkyBridge's assets under management had plummeted from a 2015 high of $9 billion to a mere $2.2 billion.

The Ill-Fated FTX-SkyBridge Deal

In September 2022, Bankman-Fried and Scaramucci announced that the venture arm of FTX would acquire a 30% stake in SkyBridge. The financial terms of the deal were not disclosed at the time, but Scaramucci expressed optimism, stating that the investment reflected his "thinking about the next decade of SkyBridge."However, this partnership was short-lived, as just a few months later, FTX filed for bankruptcy, and Bankman-Fried was arrested in the Bahamas on fraud charges. The collapse of FTX has now prompted the bankrupt crypto firm to go after these investments, claiming they "conveyed little to no benefit" and "instead served only to prop up Bankman-Fried's standing in the worlds of politics and traditional finance."

Seeking Redemption for Creditors

FTX's lawsuit against Scaramucci and SkyBridge Capital is part of a broader effort to claw back funds for the benefit of its creditors. The bankruptcy court of Delaware has seen a flurry of activity, with 23 lawsuits filed on Friday alone, targeting a diverse range of entities.The case, known as FTX Trad. Ltd., Bankr. D. Del., No. 22-11068, suit 11/8/24, is a testament to the complex web of investments and influence-peddling that allegedly took place under Bankman-Fried's leadership. As the fallout from the FTX collapse continues to unfold, this lawsuit represents a crucial step in the process of untangling the financial and reputational damage left in its wake.