FTX Targets High-Profile Individuals in Legal Battle to Recover Funds

• FTX has filed multiple cases to recover funds from high-profile individuals.
• SkyBridge Capital is facing a lawsuit from the bankrupt FTX.
• FTX claims Sam Bankman-Fried invested $67 million in SkyBridge for personal gains.

FTX, the bankrupt cryptocurrency exchange once led by Sam Bankman-Fried, has embarked on a move to recover funds from high-profile individuals involved with the exchange in the past. According to reports, FTX has filed 23 lawsuits in the Delaware bankruptcy court, including the one against Anthony Scaramucci and his investment firm, SkyBridge Capital.

According to legal documents filed by the crypto exchange, the firm accused Bankman-Fried of using its funds to target personal benefits, citing his investment with SkyBridge Capital as one such move to enhance his stature in the political and financial circle. 

Related: FTX Secures $228M Settlement with Bybit in Bankruptcy Case

In the meantime, FTX indicated that Bankman-Fried invested $67 million in SkyBridge Capital, aiming to leverage Scaramucci’s network in finance, politics, and society. The crypto exchange argued that Bankman-Fried did not invest the funds for the benefit of FTX, noting he did not provide for the investment to generate returns for the firm. Instead, the former CEO’s target was to boost his profile.

It is worth noting that Bankman-Fried invested in Scaramucci’s SkyBridge during one of the firm’s downtimes, which saw its assets under management (AUM) drop from $9 billion to about $2.2 billion. The parties saw Bankman-Fried’s investment as an intervention to bailout the firm from the difficult moment.

Related: Sam Bankman-Fried Appeals Fraud Conviction, Seeks New Trial

The timing of the investment marked a significant period in the relationship between FTX and SkyBridge. The crypto exchange reportedly took a 30% stake in the investment company in a move that Scaramucci described as a move towards building SkyBridge’s future. 

The authorities arrested Bankman-Fried shortly after the SkyBridge investment, kickstarting a process that led to the crypto exchange’s collapse. However, FTX creditors remain hopeful that the bankruptcy will allow them to recover their investments. Legal actions like the one against Scaramucci’s SkyBridge Capital signal hope among FTX customers, most of whom incurred losses during the unfortunate incident in 2022.

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