All articles tagged with #skybridge capital
FTX has filed a lawsuit against Anthony Scaramucci and his hedge fund, SkyBridge Capital, as part of efforts to recover funds for creditors following the company's bankruptcy. This lawsuit is among 23 filed in Delaware's bankruptcy court, targeting entities like Crypto.com and political groups such as FWD.US.
SkyBridge Capital, led by Anthony Scaramucci, has expressed support for the recent wave of Bitcoin spot ETF applications that have been submitted to the SEC, putting it at odds with Grayscale. While Grayscale has raised concerns about Coinbase's suitability as a surveillance partner, SkyBridge strongly disagrees and believes that Coinbase is well-equipped for the task. SkyBridge argues that the SEC does not need to delay applications to allow other market participants to catch up, and that all issuers could revise their practices to comply with the rules if the pending applications are approved. Grayscale, on the other hand, has sued the SEC to force the approval of its prior applications, which would use the CME Bitcoin Futures market to address fraud concerns.
Anthony Scaramucci, founder of SkyBridge Capital, recounted his visit to the Bahamas to meet with former FTX CEO Sam Bankman-Fried during the exchange's final days. Scaramucci discovered a "war room" of despondent FTX executives and Bankman-Fried, who apologized for the exchange's alleged financial mislabeling. Scaramucci compared FTX's alleged fraud to that of Bernie Madoff and stated that SkyBridge's balance sheet and crypto reserves have not been greatly affected by FTX's collapse.
Cryptocurrencies, including Bitcoin and Ether, continue to rebound in 2023 despite regulatory pressure and a banking crisis. SkyBridge Capital Founder and Managing Partner Anthony Scaramucci believes the market is "through the bear market" in cryptocurrencies. However, liquidity for major cryptocurrencies has fallen to record lows, and some investors are concerned about the sustainability of the recent rally. The Securities and Exchange Commission has issued 11 enforcement actions against crypto firms and individuals, while the Commodities and Futures Trading Commission has sued crypto exchange Binance and its CEO Changpeng Zhao.
Brett Messing, the brother of actress Debra Messing, is being blamed for mismanaging investments at Anthony Scaramucci's hedge fund, SkyBridge Capital, including a disastrous investment in cryptocurrency that cost the fund tens of millions of dollars. Messing, who paid $8 million to become a partner at SkyBridge in 2017, oversaw a failed real estate fund and was responsible for selling off some of the fund's biggest positions at a loss in 2020. Despite these missteps, Messing rose to become president and COO of the firm. SkyBridge's investment in Bitcoin initially paid off, but the value of the fund dropped more than 25% as digital assets plummeted, leading to the company's inability to meet all of its clients' redemption requests in March 2020.