u.today
As it became known from Bloomberg, one of Skybridge Capital's funds, founded by American financier Anthony Scaramucci, has halted withdrawals to clients due to the extensive fall of the stock and cryptocurrency markets. Recall that Anthony Scaramucci was appointed as Donald Trump's White House Communications Director back in 2017 but got fired 10 days later with multiple scandals.
Notorious crypto-hater Peter Schiff was not left out of the situation and commented on it. Schiff said that he warned Scaramucci that Skybridge Capital's entry into the cryptocurrency market would come at its peak. Thanks to this action, many big players were able to get into cash by selling their investments to Skybridge, the financier said.
I pointed out in real time and warned @Scaramucci myself that Skybridge Capital's entrance into #Bitcoin would mark the peak of the #crypto market. In fact, a lot of big players were able to cash out thanks to all the money Skybridge put into crypto and crypto related equities.
— Peter Schiff (@PeterSchiff) July 19, 2022
The fund in question is Legion Strategies. According to a Bloomberg source, about one-fifth of the fund is made up of private companies that are difficult to sell. It is also reported that nearly a quarter of Legion Strategies' net assets were investments in other funds managed by Skybridge that have cryptocurrencies and other digital assets in their structures. Thus, the fund also participated in a private investment round in one of the largest crypto exchanges, FTX.
Schiff's complex relationship with crypto and Puerto Rico's officials
While Peter Schiff gives out advice and warnings, his bank, Europac, registered in Puerto Rico, is still experiencing serious regulatory problems, and customer accounts remain frozen. The last time he commented on the situation, a crypto critic said he would sell the troubled bank even for Bitcoin if it would help pay off customers. There has been no new information since then.