Thursday, November 21, 2024

FTX Affiliated Crypto Hedge Fund LedgerPrime Restarts Under New Name MNNC Group: Bloomberg

Author: CoinSense

Crypto hedge fund LedgerPrime, once linked to the bankrupt FTX crypto exchange, has relaunched under the name MNNC Group according to a February 29 Bloomberg report.

As reported by Bloomberg, the rebooted crypto hedge fund has raised an investment amount in the “mid-eight-figures.”

A New Start for Former FTX-Affiliated Employees

LedgerPrime was forced to cease operations after FTX’s collapse in November 2022. Its parent company, Ledger Holdings, was acquired by FTX US in 2021 while the hedge fund transformed into a family office for Alameda Research in 2022.

“What’s helping us is obviously our track record,” Ayesha Kiani, MNNC Group’s chief operating officer told Bloomberg, noting that the company was not “at fault” when FTX collapsed given it “returned outside capitals in September 2022.”

“With a commitment to rapid innovation and a technology first and data-centric approach, MNNC is a global leader in generating sustained and superior risk-adjusted returns in one of the fastest growing assets in the world,” a statement on MNNC Group’s website reads.

A Revival For Digital Asset Hedge Funds

MNNC Group’s revival follows the launch of Split Capital, a token-based hedge fund founded by former LedgerPrime employees including Zaheer Ebtikar, Michael Churchouse, and Nai Boonkongkird.

“For those of you that know, the past year has been an incredible rollercoaster of emotions, both personally and professionally, with the collapse of FTX and rebuilding the pieces of our fund,” Ebtikar wrote in a January 2024 post on X. “It’s been a long journey and I’m incredibly grateful for the opportunity again.”

LedgerPrime’s former chief investment officer, Shiliang Tang, is expected to operate as an advisor to Split Capital while serving as a “general partner and special advisor to MNNC Group.”

Bankman-Fried’s Lawyers Fight For A Lesser Sentence

Disgraced FTX founder Sam Bankman-Fried is scheduled to be sentenced to federal prison for his role in the doomed crypto exchange’s collapse.

Bankman-Fried was convicted on seven counts of fraud in November 2023 after a nearly month-long trial for misappropriating over $8 billion in customer funds. He is facing a maximum total of 110 years in prison, though his time served will largely be up to the court’s discretion.

A recent court filing from the FTX founder’s lawyers claimed that he was particularly vulnerable in prison given his Autism Spectrum Disorder diagnosis, and asked for a maximum sentence of 6.5 years.

“When the factors are considered, including Sam’s charitable works and demonstrated commitment to others, a sentence that returns Sam promptly to a productive role in society would be sufficient, but not greater than necessary, to comply with the purposes of sentencing,” his lawyers stated.

Bankman-Fried’s sentencing is expected to take place on March 28 at the Manhattan federal courthouse.