FTX is back in court, this time targeting Anthony Scaramucci, former White House communications director and founder of SkyBridge Capital. The embattled crypto exchange aims to recover $67 million, claiming it poured the funds into “showy” investments with minimal return. According to the bankrupt company, these investments were part of founder Sam Bankman-Fried’s broader campaign to build connections in politics and finance. Allegedly, Scaramucci’s network made him a key player in Bankman-Fried’s strategy. Now, with creditors awaiting payment, FTX is focused on clawing back funds.

FTX Targets Scaramucci’s SkyBridge for Influence-Buying

In the lawsuit, FTX accuses Bankman-Fried of investing in SkyBridge Capital to boost his reputation in politics and finance. During the 2022 crypto winter, the bankrupt exchange claims it funneled millions into ventures tied to Scaramucci, citing his established network as the reason. Scaramucci’s hedge fund had been struggling, dropping from a peak $9 billion in assets to only $2.2 billion. The $67 million investment, according to FTX, didn’t provide real value to the exchange or its creditors. Instead, it was more of a reputation play by Bankman-Fried. This lawsuit aims to recover those funds for FTX’s ongoing bankruptcy case.

FTX Lawsuit Includes More Than Just Scaramucci

Scaramucci and SkyBridge aren’t the only ones named in FTX’s latest wave of lawsuits. , along with other entities like political organizations such as FWD.US, also faces legal action. FTX’s goal is to pull back as much money as possible, especially from deals that, in their eyes, only served to benefit Bankman-Fried’s personal standing. By targeting political action groups (PACs) and nonprofits, FTX is casting a wide net, hoping to reel in funds that could aid its restructuring process. These lawsuits add to the company’s mounting legal battles as it tries to rebuild for creditors.

Why FTX Is Going After So Many Entities

FTX’s lawsuit spree is not limited to big players like Scaramucci. Since filing for bankruptcy, the exchange has gone after multiple organizations, including charities and even game development companies. Under U.S. bankruptcy laws, FTX can reclaim donations if it made them while insolvent or without receiving sufficient value in return. This aggressive pursuit is part of FTX’s plan to repay creditors, aiming to claw back every possible dollar. However, some creditors suggest that these lawsuits might cost FTX in the long run and don’t see the benefit.

FTX’s Legal Pursuits Aim to Clean Up Bankman-Fried’s Mess

FTX’s aggressive legal tactics reveal the mess left by Bankman-Fried’s leadership. From influence-buying to dubious investments, the company alleges that Bankman-Fried’s actions drained the company of funds. Now, the current FTX management is focused on recovering lost assets to pay off its debt. Scaramucci’s SkyBridge deal is just one of many partnerships FTX is targeting in its pursuit of financial stability. Whether these lawsuits succeed remains uncertain, but one thing is clear: FTX is leaving no stone unturned in its quest to recover funds for its creditors.