Scaramucci talks FTX, Sam Bankman-Fried and the worst week in cryptocurrency history
Summary
Anthony Scaramucci, founder of SkyBridge Capital and a short-time Trump administration communications director, spoke Friday morning on CNBCs "Squawk Box" about friend and business partner Sam Bankman-Fried, CEO of crumbling crypto exchange FTX. FTX, which took a 30% stake in Scarmuccis SkyBridge Capital in September, is facing potential bankruptcy after a "bank run" on the crypto exchange left it about $8 billion short. Bankman-Fried said his first mistake was poor internal labeling of bank-related accounts, which meant that he was "substantially off" on his sense of users margin. Scaramucci speculated that Bankman-Fried could have made mistakes in the throes of the crypto bear market, specifically when Three Arrows, a massive cryptocurrency hedge fund, liquidated in June 2022. The worlds largest cryptocurrency firm broke a nonbinding deal to rescue FTX after conducting due diligence and the news "regarding mishandled customer funds and alleged US agency investigations."