FTX Bankruptcy Estate Sues Anthony Scaramucci and SkyBridge Capital Over 2022 Sponsorship and Investment Deals

The bankruptcy estate of FTX has filed a lawsuit against prominent investor Anthony Scaramucci and his firm, SkyBridge Capital, seeking to recover funds spent on sponsorship and investment deals made by former FTX CEO Sam Bankman-Fried in 2022. The legal action, filed in a New York federal court, claims that the transactions were part of the former crypto exchange's broader efforts to generate positive publicity and bolster its reputation—efforts that were, in hindsight, linked to FTX’s eventual collapse.

According to the lawsuit, FTX’s management, under Bankman-Fried, engaged in several high-profile sponsorships and investments, including a notable partnership with SkyBridge Capital. These deals, the bankruptcy estate argues, were structured to create the illusion of financial strength and stability, helping FTX attract investors and customers during a critical period for the company.

One of the key transactions cited in the lawsuit is FTX’s $45 million investment in SkyBridge, a firm that focuses on alternative assets and hedge fund management. This investment, which was made in 2022, occurred shortly before FTX’s financial troubles began to surface, and the estate contends that the funds were misallocated as part of an effort to maintain FTX’s public image. Additionally, the estate alleges that the firm engaged in various marketing activities, including high-profile sponsorship deals in the sports world, which were funded using FTX’s customer deposits.

The legal filings claim that these actions were part of a broader pattern of improper management by Bankman-Fried and his team, who used customer funds to fund lavish promotional campaigns and sponsorships in an effort to keep FTX's business afloat amidst growing concerns about its financial health. These activities were conducted without proper oversight, the lawsuit asserts, and the money spent on such deals should be returned to the bankrupt estate for the benefit of creditors and customers.

The lawsuit against Scaramucci and SkyBridge Capital is the latest in a series of legal actions aimed at recovering funds that were either misappropriated or improperly spent during FTX’s rapid rise and dramatic fall from grace. Scaramucci, who is known for his brief tenure as the White House Communications Director under former President Donald Trump, has not yet publicly responded to the lawsuit. However, his firm, SkyBridge, is likely to mount a defense, arguing that the investment was legitimate and that the sponsorship deals were in line with typical business practices.

FTX, once one of the world’s largest and most influential cryptocurrency exchanges, filed for bankruptcy in November 2022 following the revelation of a massive liquidity crisis. The collapse of the company has triggered a flurry of legal actions, including efforts by the bankruptcy estate to claw back funds from those who were deemed to have benefited from FTX’s fraudulent activities.

As the legal proceedings continue, the lawsuit against Scaramucci and SkyBridge Capital is expected to be closely watched by the cryptocurrency industry, as it could set precedents for how funds spent on sponsorships and investments during periods of financial instability are treated in future bankruptcy cases. The case also serves as a reminder of the broader fallout from FTX’s implosion, which has left investors and customers grappling with significant losses.