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Skybridge Eyes Stake Buyback from FTX, as Galaxy CEO says he would like to ‘Punch’ SBF

Anthony Scarammuci also stated that there was “obviously fraud” in the SBF and FTX saga, while Mike Novogratz stated that there is a part of him that wants to “punch” SBF in the face.

SkyBridge Capital CEO Anthony Scaramucci stated that his business has the ability to repurchase the share in the company that it sold to FTX in September of last year. While Galaxy Digital CEO Mike Novogratz has expressed a desire to “hit” SBF in the jaw.

On September 9, FTX Ventures paid an undisclosed amount for a 30% share in alternative asset manager SkyBridge, just a few months before FTX declared bankruptcy in November.

Scaramuci told CNBC on January 13 that, in light of FTX’s problems, SkyBridge is making headway in repurchasing that stake, but that the transaction won’t be completed “until probably the end of the first part of this year.”

“We’re waiting for approval from the bankruptcy folks, lawyers, and investment bankers to figure out exactly what we’re going to buy back and when,” the CEO said, adding, “I anticipate it will resolve itself favourably.”

Scaramucci stated that there was certainly some foul play in the case of former FTX CEO and founder Sam Bankman-Fried.

“I think it’s quite evident now that there was fraud. All of that will, of course, be determined by the legal system. “However, for Sam, three of the four principals who worked alongside him have already pled guilty and explained to prosecutors what they did,” Scaramucci said.

The CEO’s remarks contrast sharply with his prior words to CNBC in November, in which Scaramucci declined to use the word “fraud” owing to legal implications, and asked “Sam and his family to tell the truth to their investors, get to the bottom” of the entire saga.

According to SkyBridge’s website, as of September 30, 2022, it has $2.2 billion in assets under administration, with around $800 million of that amount consisted of digital-asset-related investments.

Galaxy Digital CEO Mike Novogratz says a part of him wishes he could slap both SBF and Digital Currency Group CEO Barry Silbert for their reported shenanigans during crypto winter.

In an interview with Bloomberg published on January 13, Novogratz stated that the FTX ordeal cost Galaxy around $77 million. As a result, he’s not a fan of SBF or other reported wrongdoing in the space in the last year.

“The toxic male half of me wants to hit them both in the jaw,” he stated of SBF and Silbert, before adding, specifically about SBF, “You’ve got to be f—-ing kidding me. “Are you serious, you a———?”

Despite 2022 being such a tumultuous year for the market, Novogratz eventually revealed that he is still a crypto supporter.

He did, however, express regret for not withdrawing more funds earlier in 2022, before FTX and even the Terra/LUNA ecosystem went bankrupt. Nonetheless, he claims to have gotten more than $1 billion out before the year began.

 

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