SBF from FTX cryptocurrency exchange has announced that it is ready to buy 30-percent of SkyBridge Capital’s stake. This was announced that FTX would be paying $40M dollars for this 30-percent stake.
SkyBridge Capital currently manages $2.7B worth of client AUM and has stopped withdrawals for all of its clients. It has been said many times on Cryptocoindaddy “not your private keys, not your coins”, so if a company bought bitcoin through Mooch’s SkyBridge Capital, they are themselves to be blamed for this. The companies buying bitcoin and other cryptocurrencies should buy and store them themselves.
Now we finally know what he meant when he said “best in class custody/security.” Locked those withdrawals nice and good! pic.twitter.com/dZIAvC4oxh
If you ask us, FTX bailing Mooch’s company is weird since the permanently locked their client’s funds. Sam (SBF) from FTX is really excited about this opportunity though. FTX is also a portfolio company of SkyBridge. So, it’s kind of a wash trade.
#FTX bailing Mooch is weird. The dude locked clients’ funds permanently 🤷♂️
Kira on twitter has a decent take on Mooch. He says, “Mooch is a total spiv. Paying 2 and 20 to a hedge fund is usually a marginal value proposition, as few funds outperform the market after fees. Paying Mooch fees on top of fees is absolutely insane. Mooch only has a business because there are thousands of gullible sheep in the world.”
He is the Associate Editor and lives in New York. He eats charts for breakfast.