14. April 2024

• SkyBridge founder Anthony Scaramucci recounted his visit to the Bahamas to talk with former FTX CEO Sam Bankman-Fried during the firm’s final days.
• During his visit, Scaramucci stumbled across a “war room” of FTX executives that appeared despondent.
• Bankman-Fried apologized for what had happened and claimed mislabeling was the cause of FTX’s shortfall.

SkyBridge Founder Visits Sam Bankman-Fried in Bahamas

SkyBridge Capital founder Anthony Scaramucci traveled to the Bahamas to talk face-to-face with now-disgraced former FTX CEO Sam Bankman-Fried as the exchange unraveled. Upon his arrival, he walked into a “war room” of despondent FTX executives.

Scaramucci Mentored and Partnered With Bankman-Fried

Prior to this tumultuous time, Scaramucci served as a mentor and business partner to Bankman-Fried, helping coordinate fundraising trips in North America and the Middle East. Additionally, FTX purchased a 30% stake in SkyBridge Capital, deepening ties between both firms’ founders.

FTX Allegedly on Shaky Financial Footing

The relationship between both men began to sour when CoinDesk reported that FTX might be on shaky financial footing. Following this news, Scaramucci made the trip to meet with Bankman-Fried in person.

Bankman-Fried Apologizes for What Had Happened

When Scaramucci arrived at the war room he found Bankman Fried looking disassociated and apologizing for what had occurred at FTX claiming mislabeling was its downfall. He compared this situation to that of Bernie Madoff’s Ponzi scheme saying it is hard for financial crimes like these to occur with a large group of people since someone usually has an objection about it occurring or speaks out against it.

Conclusion

Despite all that had gone down, SkyBridge Capital has not been affected as greatly as some reports have suggested according to Scaramucci who spoke at Consensus 2023 earlier this week about his experience while visiting Bahamas with Bankman Fried during those tumultuous times