© Reuters
Investing.com – “Skybridge Capital can buy back the stake it sold to collapsing platform FTX, but the issue will likely take months to resolve,” investment firm founder Anthony Scaramucci told CNBC.
“We’re waiting for approval from bankruptcy people, lawyers and investment bankers to know exactly what we’re going to buy and when,” he said, adding that the situation is unlikely to be resolved. Perhaps until the end of the first half of this year.
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Breaking the rules
FTX bought a 30% stake in Skybridge in September, before the crypto company filed for bankruptcy on November 11.
“It is now clear that Sam Bankman-Fried, CEO and former founder of FTX, and believed to be a friend of Scaramucci’s, broke the rules,” said the White House communications director.
“I think it’s very clear now that there was fraud.”
“We will of course have to let the legal system decide all of these things,” Scaramucci told CNBC.
It is not fraud
Bankman pleaded not guilty to eight federal charges, including fraud and money laundering. Meanwhile, FTX co-founder Gary Wang and Caroline Ellison, former co-CEO of Alameda Research, have both pleaded guilty to federal charges related to the FTX crash and are cooperating with investigators.
Alameda Research Fund was the private cryptocurrency hedge fund founded by Bankman-Fried and affiliated with FTX. And Scaramucci was reluctant to refer to Bankman-Fried’s dealings within FTX as fraud in his latest interview with CNBC.
“I don’t want to call it fraud right now because that’s actually a legal term,” Scaramucci said. “I would like to implore Sam and his family to tell the truth to their investors,” he added on CNBC’s “Squawk Box” on November 11.
He also said in November that he was not aware of the extent of user funds leverage on the cryptocurrency platform, and did not want to gloat over FTX’s failures.
good news
FTX has now recovered more than 5 billion in liquid assets, including cash and digital assets, according to Delaware attorneys during one of the company’s bankruptcy hearings on Wednesday.
Speaking on Friday, Scaramucci also said that he believes more funds will be recovered from the bankrupt cryptocurrency exchange.
“I think it will resolve itself positively,” he told CNBC’s Arjun Karpal. He added, “This is obviously good news for FTX creditors.”
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