Bankrupt cryptocurrency exchange FTX has filed 23 lawsuits targeting several high-profile individuals and organizations, including financier Anthony Scaramucci, his hedge fund SkyBridge Capital, Crypto.com, and the Mark Zuckerberg-backed lobbying group Fwd.us. The lawsuits, filed Friday, are part of FTX’s ongoing effort to recover funds for its creditors following the company’s dramatic collapse last year.
FTX’s legal team claims that the entities named in the lawsuits were involved in what the company describes as a “campaign of influence-buying” led by FTX founder Sam Bankman-Fried. According to the lawsuits, Bankman-Fried used these funds to bolster his political and financial standing, even as FTX struggled with severe cash flow issues.
“These ‘investments’ conveyed little to no benefit to Debtors, and instead served only to prop up Bankman-Fried’s standing in the worlds of politics and traditional finance,” the lawsuits state. FTX alleges that Bankman-Fried used his relationships with influential figures and organizations as “potential sources of equity investment in FTX” in an attempt to plug the massive holes in the company’s balance sheet and keep his operations afloat.
Since FTX’s bankruptcy, several executives, including Bankman-Fried, have been convicted of crimes such as fraud and money laundering. Bankman-Fried was sentenced to 25 years in prison earlier this year, although he is currently appealing his conviction.
SkyBridge and Scaramucci Named in Lawsuits
Among the prominent defendants named in the lawsuits is Anthony Scaramucci, a financier who briefly served as White House Communications Director under former President Donald Trump. FTX’s legal filings reveal that the company acquired a 30% stake in Scaramucci’s hedge fund, SkyBridge Capital, in September 2022—just months before FTX declared bankruptcy and Bankman-Fried was arrested.
The lawsuit details a series of financial transactions between FTX and SkyBridge, including a $12 million sponsorship of Scaramucci’s SALT conferences and a $10 million investment in the SkyBridge Coin Fund. In exchange, FTX alleges that Scaramucci actively assisted Bankman-Fried in fundraising efforts, even lending him his own suit and tie for meetings, so Bankman-Fried could avoid showing up to important discussions in his signature attire of shorts and a T-shirt.
The lawsuit claims that Scaramucci took Bankman-Fried on a tour of the U.S. and the Middle East, where they pitched potential investors in an attempt to secure funding for FTX. According to FTX, these efforts ultimately failed to provide meaningful support to the company’s financial situation.
Fwd.us and Alameda Research Involvement
In addition to Scaramucci and SkyBridge, FTX is also targeting Fwd.us, the political advocacy group co-founded by Mark Zuckerberg, over payments made by FTX’s corporate sibling, Alameda Research. The lawsuit claims that the payments to Fwd.us were part of an “integrated plan” orchestrated by FTX insiders to siphon money from FTX’s creditors while enhancing their own personal reputations.
FTX asserts that the funds paid to Fwd.us were used to bolster the standing of Bankman-Fried and others within political circles, again at the expense of the company’s creditors.
Response Pending
Neither SkyBridge nor Fwd.us immediately responded to requests for comment regarding the lawsuits. The defendants now face the prospect of defending themselves in court as FTX seeks to recover assets in the wake of its collapse, which has become one of the most significant scandals in the cryptocurrency industry.
As the lawsuits unfold, FTX’s creditors are hoping to recoup as much of their lost investments as possible, though the outcome remains uncertain.
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