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Anthony Scaramucci says he got only $400,000 back on his $10 million investment in FTX’s token

Sam Bankman-Fried and Anthony ScaramucciSam Bankman-Fried and Anthony Scaramucci.

David Dee Delgado/Getty Images; Arturo Holmes/Getty Images

  • Anthony Scaramucci says he only got $400k back from a $10 million investment in FTX’s token.
  • The SkyBridge Capital investor backed FTT after receiving $45 million in funding from FTX.
  • But he told Bloomberg he remains bullish on cryptocurrencies and expects the Fed to halt interest-rate increases.

Anthony Scaramucci says he only got $400,000 back on a $10 million investment in FTX’s key coin, but says that won’t put him off crypto in the future. 

Speaking in an interview with Bloomberg, the investor said he had put millions into Sam Bankman-Fried’s FTT token through his fund SkyBridge Capital, but was “burned” when the coin collapsed along with the FTX crypto exchange in November.

The coin lost 91% of its value in a matter of days following allegations Bankman-Fried’s Alameda Research held a significant amount of the FTT token, falling from averages around $24 to less than $1.

SkyBridge received $45 million of funding from Bankman-Fried after FTX bought a 30% stake in the company, of which Scaramucci invested $10 million in FTT, before eventually selling it at a loss of $9.6 million.

Scaramucci is only one of several famous faces who got burned backing FTX, with other celebrities facing losses including NFL star Tom Brady, his ex-wife Gisele Bundchen, and “Shark Tank” investor Kevin O’Leary.

Still, Donald Trump’s former Director of Communications at the White House said he remained bullish on cryptocurrency, and expected that to grow as the Fed potentially eases up on its tightening campaign.

“I don’t shy away from it,” Scaramucci said. “I think it’s important for people who believe in capitalism and important for people that are risk takers to understand what happened. I’m not going to be the person that takes no more risk in the future because I got burned by Sam.”

The FTT coin has seen steep gains this month from a low base alongside other “Sam Coins” backed by the FTX founder, as hopes grow that the FTX platform might be revived by administrators and amid a return of wider optimism to the market.

Read the original article on Business Insider
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