• Skybridge Capital Founder Anthony Scaramucci recounts his trip to the Bahamas in November, as FTX began to collapse.
• Scaramucci walked in on a “war room” of FTX executives when he arrived and realized that a small group was responsible for the fraud.
• He compared FTX’s alleged fraud to that of Bernie Madoff, emphasizing the need for greater regulation and compliance in the crypto industry.
SkyBridge Capital Founder Recounts Harrowing Final Days of FTX
SkyBridge Capital founder Anthony Scaramucci recounted his relationship with former FTX CEO Sam Bankman-Fried, including his trip to Bahamas in November as the exchange unraveled. During this time, Scaramucci stumbled upon a “war room” where he realized that a small group of people were responsible for the fraud and likened it to Bernie Madoff’s Ponzi scheme.
SkyBridge Managed Bankman-Fried’s Fundraising Efforts
Scaramucci served as a mentor and business partner to Bankman-Fried, coordinating his fundraising trips around North America and the Middle East before FTX’s implosion. SkyBridge also purchased 30% stake in FTX, deepening the ties between both firms’ founders.
CoinDesk Investigation Revealed Possible Troubled Financial Footing
Issues at FTX began when CoinDesk launched an investigation into its finances, revealing potential financial trouble brewing beneath the surface. This prompted Scaramucci to fly out to meet with Bankman-Fried personally where he encountered a war room filled with despondent employees who had been involved in fraudulent activities.
Financial Crime Occurs When Small Groups Plot Together
Scaramucci commented on how difficult it is for financial crimes such as these to be committed without a few people knowing what is going on inside said groups–like with Bernie Madoff’s case. This highlights why there needs to be more regulation and compliance when it comes to cryptocurrency exchanges like these.
Scaramucci Calls For Greater Regulation In Crypto Exchanges
The SkyBridge founder calls for greater regulation and compliance among cryptocurrency exchanges following his experience during this tumultuous time at FTX so no other exchange goes through similar issues again.