SkyBridge Capital can buy back the stake it sold to collapsed cryptocurrency exchange FTX, but it will likely take months to resolve the issue, the investment firm’s founder Anthony Scaramucci told CNBC on Friday.
“We are waiting for the approval of the bankruptcy people, the lawyers and the investment bankers to figure out exactly what we are going to buy back, and when,” he said, adding that the situation is unlikely to be resolved. until probably the end of the first half of this year.
FTX bought a 30% stake in SkyBridge in September, before the crypto company filed for bankruptcy on Nov. 11.
The White House financier and short-term communications director also said that in his opinion, it is now clear that former FTX CEO and founder Sam Bankman-Fried, known as “SBF” and believed to be a friend of Scaramucci, has broken the rules. .
Anthony Scaramucci believes SkyBridge Capital can buy back the 30% stake it sold to FTX.
Brendan McDermid | Reuters
“I think it’s very clear now that there was fraud. We’re going to have to let the legal system determine all those things, of course,” Scaramucci told CNBC.
Bankman-Fried pleaded not guilty to eight federal charges, including fraud and money laundering. Meanwhile, FTX co-founder Gary Wang and Caroline Ellison, the former co-CEO of Alameda Research, have both pleaded guilty to federal charges related to the collapse of FTX and are working with investigators. Alameda Research was the crypto hedge fund founded by Bankman-Fried and affiliated with FTX.
Scaramucci had been reluctant to label Bankman-Fried’s dealings within FTX as fraud in his most recent interview with CNBC.
“I don’t want to call it fraud at this point because that’s actually a legal term,” Scaramucci said. “I would beg Sam and his family to tell the truth to their investors, to get to the bottom of it,” he added on CNBC’s “Squawk Box” on Nov. 11.
He also said in November that he was unaware of the extent of user fund leverage within the crypto exchange, and that he did not want to blame FTX’s failures on malice.
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.
On Friday, Scaramucci also said he thought more money would be recovered from the bankrupt crypto exchange.
“I think it will resolve itself favorably,” he told CNBC’s Arjun Kharpal. “That is clearly good news for FTX’s creditors,” he added.
– CNBC’s Arjun Kharpal contributed to this report.