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SkyBridge founder plans to buy back 30% stake FTX, appeals to SBF to come clean

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SkyBridge founder plans to buy back 30% stake FTX, appeals to SBF to come clean

SkyBridge founder plans to buy back 30% stake FTX, appeals to SBF to come clean Soumen Datta · 2 hours ago · 1 min read

FTX Ventures purchased 30% of SkyBridge in September, providing capital for SkyBridge to expand, develop new products, and introduce cryptocurrencies.

1 min read

Updated: November 11, 2022 at 11:52 pm

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Cover art/illustration via CryptoSlate

SkyBridge Capital founder Anthony Scaramucci told CNBC on Friday that the company is trying to buy back the stake FTX had acquired in the alternative investment firm.

“We’re in a worse position because of the fact that we made the decision to have Sam join the cap table at SkyBridge,” Scaramucci said. “There’s no question that we’re in a worse position. He’s hurt the industry.”

“I would implore Sam and his family to tell the truth to their investors,” says @Scaramucci on @SBF_FTX. “I don’t want to call it fraud at this moment, because that’s a legal term and none of us know. We have to leave it up to the regulars. But I’m distressed about it.” pic.twitter.com/ldgPDMqlsQ

— Squawk Box (@SquawkCNBC) November 11, 2022

The investment arm of FTX, FTX Ventures, agreed to buy 30% of SkyBridge in September. FTX Ventures provided Scaramucci’s fund with capital to expand, build new products, and introduce cryptocurrencies.

The company planned to invest $40 million of the funds in cryptocurrencies over the long run to hold on to its balance sheet. However, due to the steep fall in the price of cryptocurrencies, the firm had to mark down some assets.

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Moreover, Scaramucci confirmed that SkyBridge does not have assets under custody at FTX, citing the potential conflict of interest.

“Stop 22 tweets…explain exactly what happened”

As part of his CNBC interview, Scaramucci suggested that Bankman-Fried and his family make FTX’s events public to clarify matters. 

“Stop 22 tweets, but get themselves in front of a regulator and explain exactly what happened,” Scaramucci told CNBC. “If there was a fraud, let’s clean it up to the extent possible and repair the accounts FTX has.”

The SkyBridge CEO has been an outspoken supporter of cryptocurrencies and has guided the company into several new crypto offerings since late 2020. The firm had also tried to list a spot bitcoin ETF earlier, but the SEC rejected it because of unclear regulations.

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Bankruptcy

Kevin O’Leary paid $15 million as a FTX spokesperson, but lost it all

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Kevin O’Leary paid $15 million as a FTX spokesperson, but lost it all

Kevin O’Leary paid $15 million as a FTX spokesperson, but lost it all Soumen Datta · 2 hours ago · 1 min read

Kevin O’Leary said he spent $9.7 million in crypto, had FTX equity worth $1 million.

1 min read

Updated: December 8, 2022 at 8:38 pm

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Canadian businessman and investor Kevin O’Leary revealed on Dec. 8 in an interview with CNBC that he lost all of the $15 million FTX paid him to represent the now-defunct crypto exchange.

BREAKING ‼️Kevin O’Leary got paid $15 Million to be FTX spokesperson.

That money belongs to FTX customers. 🤨

— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) December 8, 2022

During CNBC’s pre-market morning news program “Squawk Box,” the hosts confronted O’Leary for not properly assessing the risks associated with investing and promoting FTX. In response, O’Leary said he fell victim to “groupthink,” stating that none of his investors lost money.

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“The institutional interest in FTX on the US equity was unbelievable. The amount of people that approached me saying, ‘How do I get a piece of this deal?’ And I said at that time, ‘I’m a paid spokesperson, I cannot bring you in as an LP,” O’Leary said.

Speaking about the $15 million deal loss, he said he put about $9.7 million into crypto, had about $1 million of FTX equity, and a little over $4 million was cut due to taxes and agent fees.

However, some Twitter users are skeptical that he lost all his investments. 

The money conveniently vanished to zero. Funny how that happens. He won’t be returning a single red cent. pic.twitter.com/RaNa63hX7K

— 𝐓𝐗𝐌𝐂 (@TXMCtrades) December 8, 2022

 Nevertheless, the Canadian investor acknowledges that his investment was a bad one, as FTX mismanaged billions of dollars.

Even though the FTX vaporized billions of dollars, O’Leary refused to condemn Sam Bankman-Fried, without an audit. 

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“There’s only the murder of my money in this case… If you want to say he’s guilty before he’s tried, I just don’t understand it,” O’Leary said. 

Earlier, Kevin O’Leary supported Bankman-Fried after the ex-FTX CEO denied any connection to Alameda’s activities that brought down the whole market.

I lost millions as an investor in @FTX and got sandblasted as a paid spokesperson for the firm but after listening to that interview I’m in the @billAckman camp about the kid! https://t.co/5lWzTT7JEv

— Kevin O’Leary aka Mr. Wonderful (@kevinolearytv) December 1, 2022

Moreover, the Canadian businessman recently tweeted that he is not afraid of investing in failed entrepreneurs.

I am not scared of investing in entrepreneurs that have had catastrophic failures. Failure is often the best teacher.

— Kevin O’Leary aka Mr. Wonderful (@kevinolearytv) December 8, 2022

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Alameda’s capital portfolio reveals highest investments in Polygon, Hole, and Port Finance

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Alameda’s capital portfolio reveals highest investments in Polygon, Hole, and Port Finance

Alameda’s capital portfolio reveals highest investments in Polygon, Hole, and Port Finance Soumen Datta · 3 seconds ago · 2 min read

According to FTX/Alameda’s spreadsheet, the portfolio of FTX/Alameda contains nearly 500 illiquid investments spread across 10 holding companies.

2 min read

Updated: December 6, 2022 at 7:50 pm

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The capital portfolio of the fallen quantitative cryptocurrency trading firm Alameda Capital was recently released by Financial Times, revealing some interesting investments.

According to the spreadsheet, there are nearly 500 illiquid investments spread across ten holding companies in the portfolio of FTX/Alameda worth $5.4 billion. 

Source: Financial Times

Two of the most significant investments were cryptocurrency mining firm Genesis Digital’s $1.15 billion investment and Open AI founded Anthropic’s $500 million investment. Crypto influencer Wu Blockchain thinks the investments were “ridiculous. “

The two largest investments, the $1.15 billion investment in Genesis Digital, a cryptocurrency mining company, and the $500 million investment in Anthropic, founded by OpenAI employees, are ridiculous.

— Wu Blockchain (@WuBlockchain) December 6, 2022

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Investments in Sequoia and Skybridge

A  $200 million investment in Sequoia, the venture capital firm that wrote down its FTX stake to zero earlier, is also included among the fallen trading firm’s holdings.

Further, the Alameda document lists an investment of $45 million in Anthony Scaramucci’s SkyBridge Capital. Per the spreadsheet, FTX transferred 30% of its stake in SkyBridge to Alameda to protect investors’ assets. Later, its founder Anthony Scaramucci revealed that SkyBridge had lost money on its holdings of FTX’s FTT tokens.

Additionally, the portfolio revealed the largest token investments in the form of HOLE – $67.5 million, Polygon – $50 million, NEAR (FTX) – $50 million, Port Finance – $33.5 million, and NEAR (Alameda) – $30 million.

Last month, FTX announced filing for Chapter 11 bankruptcy along with its sister entity Alameda Research and approximately 130 other companies related to FTX.

However, an analysis by Arkham Intelligence on Nov. 25 revealed that Alameda Research withdrew over $200 million from FTX.US before the company declared bankruptcy. In addition, Arkham disclosed in a Twitter thread that Alameda Research, FTX’s sister company, had collected $204 million from FTX US in the final days before the collapse of various crypto assets.

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Bankruptcy

Alameda’s capital portfolio reveals highest token investments in Polygon, Hole, and Port Finance

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Alameda’s capital portfolio reveals highest token investments in Polygon, Hole, and Port Finance

Alameda’s capital portfolio reveals highest token investments in Polygon, Hole, and Port Finance Soumen Datta · 9 hours ago · 2 min read

According to FTX/Alameda’s spreadsheet, the portfolio of FTX/Alameda contains nearly 500 illiquid investments spread across 10 holding companies.

2 min read

Updated: December 6, 2022 at 8:27 pm

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Cover art/illustration via CryptoSlate

The capital portfolio of the fallen quantitative cryptocurrency trading firm Alameda Capital was recently released by Financial Times, revealing some interesting investments.

According to the spreadsheet, there are nearly 500 illiquid investments spread across ten holding companies in the portfolio of FTX/Alameda worth $5.4 billion. 

Source: Financial Times

Two of the most significant investments were cryptocurrency mining firm Genesis Digital’s $1.15 billion investment and Open AI founded Anthropic’s $500 million investment. Crypto influencer Wu Blockchain thinks the investments were “ridiculous. “

The two largest investments, the $1.15 billion investment in Genesis Digital, a cryptocurrency mining company, and the $500 million investment in Anthropic, founded by OpenAI employees, are ridiculous.

— Wu Blockchain (@WuBlockchain) December 6, 2022

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Investments in Sequoia and Skybridge

A  $200 million investment in Sequoia, the venture capital firm that wrote down its FTX stake to zero earlier, is also included among the fallen trading firm’s holdings.

Further, the Alameda document lists an investment of $45 million in Anthony Scaramucci’s SkyBridge Capital. Per the spreadsheet, FTX transferred 30% of its stake in SkyBridge to Alameda to protect investors’ assets. Later, its founder Anthony Scaramucci revealed that SkyBridge had lost money on its holdings of FTX’s FTT tokens.

Additionally, the portfolio revealed the largest token investments in the form of HOLE – $67.5 million, Polygon – $50 million, NEAR (FTX) – $50 million, Port Finance – $33.5 million, and NEAR (Alameda) – $30 million.

Last month, FTX announced filing for Chapter 11 bankruptcy along with its sister entity Alameda Research and approximately 130 other companies related to FTX.

However, an analysis by Arkham Intelligence on Nov. 25 revealed that Alameda Research withdrew over $200 million from FTX.US before the company declared bankruptcy. In addition, Arkham disclosed in a Twitter thread that Alameda Research, FTX’s sister company, had collected $204 million from FTX US in the final days before the collapse of various crypto assets.

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