Cynics said they were surprised so many showed up. Others noted the modest tone at the crypto finance conference compared to previous gatherings, suggesting last year’s $2 trillion industry loss left no one unaffected.
The industry is still in the «cleansing process» after the collapse of FTX, founder of hedge fund company Skybridge Capital, Anthony Scaramucci said in a panel discussion on the second day of the CfC St. Moritz. He also expects further fallouts to surface in the near term.
Scaramucci, who briefly served as former US president Donald Trump’s communications director, had a business relationship with Sam Bankman-Fried. He bought $10 million of FTT tokens, in return granting Bankman-Fried a 30 percent investment in his hedge fund. Scaramucci spent hours on the FTX trading floor, days even, but wasn’t able to detect any malpractice at the exchange.
Scam Artists
He doesn’t find this unusual. As with other sophisticated scammers like Bernie Madoff, Bankman-Fried possibly only let a few trusted lieutenants in on his alleged fraudulent activities, Scaramucci said.
It is important to remember «there are no new stories,» he added. Essentially one had to decide whether to be in or out. «I am in,» he said, referring to his commitment to crypto.
A financial industry veteran, he pointed to the similarities with the dot-com bubble over 20 years ago. «If you had sworn off tech then, you would have missed out on massive gains.» Scam artists were everywhere,…
