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It's Worst Week in Crypto History; Anthony Scaramucci Elaborates on Why

Fri, 11/11/2022 - 14:25
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Yuri Molchan
SkyBridge Capital's Anthony Scaramucci says that for many, this week has been worst in history of crypto
It's Worst Week in Crypto History; Anthony Scaramucci Elaborates on Why
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During his appearance on CNBC's Squawk Box, CEO of SkyBridge Capital Anthony Scaramucci mentioned that for many of his investor friends, this week has been the worst in the history of the crypto space, as Bitcoin and other digital currencies have been going down heavily.

In particular, Bitcoin and Ethereum dropped well below the $18,000 and $1,500 levels, and BTC even plunged to the $16,500 zone briefly.

FTX causing "worst week in crypto"

The collapse of crypto prices was caused by the FTX crypto giant and its founder Sam Bankman-Fried going bankrupt and ending up with a huge liquidity gap of over $8 billion that Sam is now trying to raise from investors.

Answering a question from CNBC's Squawk Box co-host Andrew Sorkin, Scaramucci shared that he believes the problems of FTX and Bankman-Fried started in the summer, around June, and back then Scaramucci started wondering where all the money was pouring into FTC and Alameda Reseach from.

The CEO of SkyBridge admitted that he knows Bankman-Fried personally and was on a trip with him recently as they traveled together to the Far East to help Sam do some fundraising.

This happened after Bankman-Fried acquired a 30% stock in Scaramucci's financial services business. Scaramucci said that on Tuesday of this week, he and his legal and compliance team began discussing whether they could help the FTX chief rescue the situation. They came to the conclusion that it was much more than just a "rescue situation" for FTX and its connection with Alameda Research.

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"I don't want to call it a fraud"

Scaramucci added that he does not want to go as far as to call FTX's insolvency fraud because that is a legal term. We do not know all the details of what happened, he said, and he would prefer to leave it to regulators to decide that.

However, Scaramucci believes the impact of this event is bad for the crypto industry. He reckons that Bankman-Fried and his parents should have an honest talk with the investors of FTX and tell them the truth about what happened.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at