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CNBC's "Fast Money"

CNBC SPECIAL: Anthony Scaramucci on The Collapse of FTX 10/13/23

CNBC's "Fast Money"

CNBC

News, Investing, Business

3.91.3K Ratings

🗓️ 13 October 2023

⏱️ 16 minutes

🧾️ Download transcript

Summary

Former billionaire Sam Bankman-Fried saw a meteoric rise as crypto’s golden boy and an even more spectacular fall as his $32 billion cryptocurrency exchange, FTX, collapsed in a matter of days. CNBC's Kate Rooney spoke with Anthony Scaramucci, founder of Skybridge Capital, about his front-row seat to the collapse and what it was like to visit SBF while his empire was crumbling around him. For the full Sam Bankman-Fried and FTX saga, watch the CNBC documentary "The Collapse of FTX: Insiders Tell All". Available now at cnbc.com/ftx and YouTube here: https://youtu.be/XqwGt69pDXQ Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Transcript

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0:00.0

Hi, I'm Kate Rooney, a year ago, Sam Bankman-Freed, also known as SPF, was revered in the crypto

0:06.6

world, running an empire valued at $32 billion.

0:10.3

Now the disgraced founder and XCEO of the bankrupt crypto exchange FTX has found himself

0:15.6

on trial for allegedly master mining one of the biggest financial frauds in U.S. history.

0:21.2

I sat down with Anthony Scaramucci, founder of Skybridge Capital, for my documentary,

0:25.5

The Collapse of FTX Insiders Tell All, available now at cmbc.com slash FTX.

0:32.0

Scaramucci was a business partner and a friend of SPF, in the early days he trusted and liked

0:36.8

Bankman-Freed, describing him as the Mark Zuckerberg of crypto.

0:40.5

But a lot has changed since then, and now Scaramucci wonders if he was rubbing elbows with someone

0:45.2

he now calls the Bernie Madoff of crypto.

0:49.8

So what was your first impression of Sam?

0:52.8

I liked him, I mean he was nerdy, he had the headset on, he had the hair was disheveled,

1:03.8

but I have a kid that Sam's age, so it didn't surprise me culturally, he was a little nerdy,

1:10.2

very smart, pretty definitive direction in terms of where he wanted to go, I liked him.

1:16.0

How would you describe him to somebody who's never met him, never heard of him?

1:21.2

Well, I mean there's a post fact, there's a pre fact, so I would say pre fact, I would

1:26.1

have described him, I mean I thought he was the Mark Zuckerberg of crypto, is he now the

1:31.8

Bernie Madoff of crypto, will let the judge and jury decide that, but when I first met him

1:37.2

I would have said that he was a visionary, he had an idea of where to go for an exchange.

1:43.9

In the United States we have two very robust exchanges, but they're both from turns of

1:49.6

the century of years ago, you know, the button would treat the New York Stock Exchange,

1:53.5

that's a 1700s exchange, the CME is an 1800s exchange, and Sam was building a 21st century

...

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