We note that the activities of the liquidators of cryptocurrency exchange FTX, which accumulates the company’s assets for future use in recoveries, have raised questions. The day before, it turned out that the company’s representatives are not particularly versed in the working principles of various decentralized protocols, and for some reason decided not to consult with experts on the matter.

With this in mind, they lost tens of thousands of dollars on rather simple operations. In particular, employees liquidated the collateral for a loan on the Aave platform. Well, due to the lack of normal collateral, the position was liquidated quite quickly, which turned out to be quite serious losses.

FTX crypto exchange founder Sam Bankman-Fried arrested

On top of that, at the end of last week the bankruptcy judge of cryptocurrency exchange FTX allowed its certain assets to be disposed of. These include derivatives platform LedgerX, Embed, as well as regional branches of exchanges FTX Japan and FTX Europe. Crucially, as many as 117 companies have expressed interest in buying the platform’s assets, increasing the chances of raising a serious amount to compensate for losses – although not all of them.

What’s going on with the FTX crypto exchange?

According to Cointelegraph sources, the investment arm of FTX Ventures acquired 30 per cent of SkyBridge for an undisclosed sum on 9 September, just two months before its formal bankruptcy filing.

In a recent interview, Scaramucci noted that in light of FTX’s troubles, his company could have made significant progress in buying back that stake. Here’s his quote.

We are awaiting clearance from bankruptcy specialists, lawyers and investment bankers to find out exactly what we will buy back and when.

Note that the venture capital arm of trading firm Alameda Research, which was also founded by Sam Bankman-Fried, had previously gone public. The total amount of investment that has come to light was the equivalent of $5.3 billion. And here's a detailed list of investments.

Investments of the venture capital arm of cryptocurrency exchange FTX

Sam Bankman-Frieda Scaramucci, a former FTX executive himself, is considered a fraudster, although Sam has previously denied the charges imputed to him by the court. Here is the relevant rejoinder from a Skybridge spokesman.

I think it is now abundantly clear that fraud has taken place. We should, of course, let the legal system determine the truth. Three of the four executives who worked with Sam have already pleaded guilty and cut a deal with the investigation.

SkyBridge Capital CEO Anthony Scaramucci

This includes former Alameda Research trading executive Caroline Allison. She was facing a much lower sentence than Bachmann-Fried, but has agreed to plead guilty, including giving evidence against the FTX founder. This way Allison can reduce the possible length of time she will likely have to spend in prison - albeit for a relatively short time.

Because of such clear signs of fraud, Galaxy Digital CEO Mike Novogratz would like to give Bankman-Fried and Digital Currency Group CEO Barry Silbert a real crack at them for their “antics” during the crypto-zima. According to the billionaire, what happened to FTX cost Galaxy around $77 million. And Silbert is now “doing everything he can” to ensure that DCG is also on the brink of bankruptcy.

So Novogratz does not harbour any warm feelings towards Sam and Barry at all. Here’s his line.

The toxic male part of me would like to punch them both in the jaw. You’ve got to be kidding me.

Note that it wasn't just FTX activism that caused Mike to lose money in the past. In particular, he has actively supported the Terra ecosystem, which fell victim to collapse in May 2022. He has, among other things, got a matching tattoo in honour of the project on his left arm. As a result, it will remind Novogratz of how brutal the decentralised asset industry can be.

Ex-CEO of FTX Sam Bankman-Fried

Nevertheless, Mike has previously stated more than once that he remains a strong supporter of crypto in general. He also predicts a new global trend of Bitcoin growth already for the foreseeable future, which seems quite likely given the current movements of the coin market.


We believe that Michael Novogratz's wish is shared by many former users of the FTX cryptocurrency exchange. Still, its collapse led to the loss of billions of dollars of people, the fate of which raises some concerns in the near future. The position of Sam Bankman-Friede, who is actively denying his own guilt and is probably planning to get away with it, has been particularly unpleasant. Sam's fate will be decided in October 2023, when the trial is scheduled to begin.


SUBSCRIBE TO OUR CHANNEL ON TELEGRAM. THERE’S MORE INTERESTING NEWS HERE.