FTX withdraws $460 million from Modulo Capital fund
NewsFTX has reached an agreement to recover $460 million from the Modulo Capital investment fund, marking a sizeable asset recovery in the bankruptcy procedure. FTX...
FTX has reached an agreement to recover $460 million from the Modulo Capital investment fund, marking a sizeable asset recovery in the bankruptcy procedure.
On March 22, FTX’s new management filed in court for a settlement to recover $460 million of assets previously invested in Modulo Capital. This is income Alameda Research contributed to the fund in a funding round in 2022.
The withdrawal agreement comes following “constructive” negotiations with two founders of the Modulo fund, Xiaoyun Zhang and Ducan Rhenigans-Yoo, each acquaintances of former FTX CEO Sam Bankman-Fried.
The filing displays that of the $460 million in assets recovered, there is up to $404 million in money, which represents additional than 99 % of Modulo’s remaining assets. In addition, Modulo will waive the correct to win $56 million in assets locked up at FTX.com and FTX.US.
The profile states:
“The terms of the settlement return nearly all of the value Alameda transferred to Modulo, avoiding the time and expense of pursuing lawsuits.”
As Coinlive reviews, all around that time FTX plunges into crisis, the investment in Modulo was converted into money and deposited in an “earnings account” with JPMorgan. Since then, Modulo has been attempting to settle a amount of liabilities in buy to return the money to FTX.
Modulo Capital is a multi-method investment fund founded in 2022 by former Jane Street traders Xiaoyun Zhang and Duncan Rhenigans-Yoo. This is also wherever Sam Bankman-Fried and Former FTX.US president Brett Harrison worked and went to collaborate later on. Additionally, Modulo paperwork present that the fund is primarily based in the Bahamas and is managed by Albany, the very same luxury apartment complicated wherever Sam Bankman-Fried, FTX personnel and investment fund Alameda Research reside.
The FTX Exchange has looked for strategies to include additional recovery assets in the previous figure six.one billion bucks previously incorporated: promote serious estate of “small value”. automobile liquidation and workplace machines “recover” donations from politicians four branches with excellent income worth…In the meantime, the dispute Gain ownership of $450 million in Robinhood stock no conclusion however.
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