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- FTX bought a 30% stake in Skybridge in September 2022.
- Anthony initially refrained from calling them ill names, as it’s a legal term.
- SBF had pleaded not guilty to all allegations and could face 115 years in jail.
FTX saga is considered a black swan event in crypto history; this multi-billion dollar con had shaken the industry to its roots. To add to the scenario, Skybridge Capital CEO Anthony Sacaramucci is sure that FTX did commit this misdeed.
Although initially, Anthony abstained from accusing FTX of crimes, he held back from calling them with a legal term for them committing fraud.
But lately, when speaking with the media, he thinks it’s “very clear” FTX committed fraud.
Skybridge & FTX
In September 2022, FTX bought a 30% stake in an alternate investment firm, Skybridge. He told the media that his company could buy back those stakes, but it will take months to facilitate the deal.
“We’re waiting for the clearance from the bankruptcy people, the lawyers and the investment bankers to figure out exactly what we’re going to be buying back, and when.”
FTX-saga
When the massive influx occurred, post FTT issue, the once third largest crypto exchange on the planet, FTX failed to meet the demands raised by the withdrawal requests and eventually filed for chapter 11 bankruptcy on November 11, 2022, in Delaware, United States.
The former white knight of the crypto industry, ex-CEO of no bankrupt FTX, Sam Bankman-Fried, is about to face 115 years of imprisonment. He is accused of defrauding, illegally handling customers’ funds and deceiving investors.
Whoever was linked even remotely with FTX is facing the consequences; the United States Department of Justice (DoJ) had seized $456 million worth of shares of Robinhood, a popular trading app.
Prosecutors connected with the Commercial Litigation branch of DoJ’s Civil Division, with the new filing, say that these seized assets will also constitute the properties involved in the violation of wire fraud and money laundering, which are not mentioned in the bankruptcy filing.
Sam Bankman-Fried is out on a $250 million bond and lives with his parents in California. As was expected, SBF pleaded not guilty to all eight crimes levied against him for wire fraud and conspiracy. The scheduled date for trial is expected to be in October 2023, by the time the concerned authority and agencies gather evidence related to the case.
US prosecutors had launched a website, facilitating victims of the FTX collapse to file testimonials, making a stronger case. The actual demographic of the collapse is yet uncertain, and reaching out to every victim would take years. Moreover, the prosecutors are prohibited from contacting the victims directly, and the anonymity of the affected will be protected.
Alameda’s Caroline Ellison and former FTX CTO Gary Wang had already pleaded guilty to the allegations and are probably acting as government witnesses against Sam Banknam-Fried in this case.
Both of them have a front-row seat, which would be very important in bringing the former CEO of FTX to justice.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
