Per Markets Insider

Anthony Scaramucci, an American financier who has worked as a Director of Communications for the White House, said that his initial $10 million investment in FTX's key token has massively dropped in value. Now, his investment in the FTT token only got him $400,000.

Scaramucci, an investor in SkyBridge Capital, shared how his investment in FTX's token resulted in him only getting $400,000 back. Despite his massive loss after buying the now-bankrupt crypto firm's token, he notes that this isn't enough to stop his involvement in crypto.

In an interview with Bloomberg, Scaramucci shared how he was "burned" when the price of the token collapsed amid FTX's collapse back in November. Despite this, SkyBridge remains to have about a 10% exposure to Bitcoin but doesn't see adding additional Bitcoins to this fund.

The news comes after BlockFi, a crypto firm that filed for Chapter 11 bankruptcy, had $1.2 billion in assets tied to Sam Bankman-Fried through FTX and Alameda Research.

This comes at a time when the collapse of FTX and the intense bear market has resulted in popular financial figures like Jamie Dimon, JP Morgan CEO, calling Bitcoin a fraud. Dimon even likened the top crypto to a "pet rock."

Just days after allegations were made saying Alameda Research held massive amounts of FTT tokens, the token lost 91% of its value. This resulted in it dropping to less than $1 from its average of about $24.

The story behind SkyBridge's involvement in FTT started with Sam Bankman-Fired giving $45 million in funding to Scaramucci's company. Out of this amount, $10 million was dropped into FTT.

Scaramucci eventually sold the token at a loss of $9.6 million and walked away with just $400,000. The investor shared his statement regarding how he will stay away from risk in the future due to his experience.

Scaramucci: "I'm not going to be the person that takes no more risk in the future because I got burned by Sam."

See flow at unusualwhales.com/flow.

Other News:

Resources:

Market Insider

Bloomberg