SkyBridge Capital founder Anthony Scaramucci, in the podcast The Block, expressed scepticism about the idea of rebooting the collapsed cryptocurrency exchange FTX.
‘I don’t see a path to a reboot of FTX. Right now there isn’t much money on these exchanges, so many of them are in the red — they are burning capital raised in private placements, awaiting the start of a new bull market and higher trading volumes’, he said.
FTX acquired 30% of SkyBridge’s shares for $30 million in September 2022. In response, the hedge fund bought $10 million worth of FTT tokens, which are now virtually worthless.
‘I don’t understand how they would reboot. Honestly, I don’t see positives in rebooting. But you know, I was wrong about many things’, added Scaramucci.
In his view, a successful recovery of FTX would be a ‘clean positive’ for SkyBridge. The entrepreneur sees a more likely scenario of selling the exchange’s own software and licenses, as well as launching under a new brand.
In July FTX’s lawyers will present to the bankruptcy court a plan for restructuring the exchange with a possible resumption of operations. The price of the FTT token rose by 90%.
In April, former head of institutional sales at FTX Zane Takett proposed reviving the platform for trading claims.
According to Bloomberg sources, a potential reboot of FTX has attracted the venture firm Tribe Capital, which was among the investors in the bankrupt exchange.