The FTX bankruptcy estate has filed a lawsuit seeking to recover over $100 million from SkyBridge Capital and its founder, Anthony Scaramucci. The funds in question were allegedly used by former FTX CEO Sam Bankman-Fried (SBF) for high-profile sponsorships and investments involving Scaramucci’s company, dating back to early 2022, shortly before FTX’s collapse in November of that year, which left customers facing losses estimated at $8 billion.
Details of FTX’s Financial Deals with SkyBridge Capital
In a recent filing dated November 8, attorneys for FTX outlined how Bankman-Fried reportedly funneled millions into partnerships with SkyBridge and Scaramucci. The alleged spending began with a $12 million sponsorship for Scaramucci’s SALT conference in January 2022. Later, in March, Bankman-Fried directed Alameda Research, FTX’s affiliated trading arm, to invest $10 million in SkyBridge’s Coin Fund.
In September 2022, FTX acquired a 30% stake in SkyBridge’s operating companies for $45 million. FTX’s legal team claims this investment lacked strategic or financial justification, arguing that FTX could have bought a similar range of digital assets at a much lower cost. FTX attorneys further noted internal discussions at FTX where employees questioned the rationale behind entrusting so much capital to a third-party manager perceived as having less cryptocurrency expertise than FTX itself.
Alleged Contract Breach by SkyBridge
The lawsuit also alleges that SkyBridge breached the terms of their agreement by selling some of the digital assets purchased with FTX’s investment in 2023 without obtaining FTX’s consent—a requirement, according to FTX lawyers. The attorneys argue that the Bitcoin assets acquired through the partnership were initially valued at $60 million and would be worth $120 million today based on current market prices.
FTX’s Broader Legal Actions Against Other Crypto Firms
This case adds to a series of recent legal actions by the FTX bankruptcy estate. On October 28, FTX filed a lawsuit against KuCoin to retrieve more than $50 million in frozen assets. Just this week, on November 7, FTX also initiated legal proceedings against Crypto.com to reclaim over $11 million in assets reportedly held since 2022.
As the FTX bankruptcy team intensifies its efforts to recover lost funds, the estate’s multiple lawsuits signal an aggressive strategy to recoup value for creditors.
