2 years ago
FTX absorption led by John Ray III is reportedly successful talks with Modulo Capital founders to reclaim astir $400 cardinal that Sam Bankman-Fried invested successful the hedge fund, New York Times reports.
Modulo Capital is simply a Bahamas-based hedge money launched by erstwhile Jane Street traders Xiaoyun Zhang and Duncan Rheingans-Yoo. SBF reportedly invested astir $400 cardinal soon earlier his empire collapsed.
Following FTX’s bankruptcy successful November 2022, SBF’s concern successful Modulo Capital was converted into currency and kept successful an interest-bearing relationship astatine JPMorgan, sources adjacent to the steadfast confirmed to NYT.
As portion of the bankruptcy process, Modulo Capital was named arsenic 1 of the firms to beryllium probed for holding SBF’s investments.
However, the founders of Modulo Capital are reportedly negotiating with FTX to instrumentality the funds and beryllium fried from the ineligible implications of their ties with SBF, NYT reported connected Feb. 15.
If the $400 cardinal Modulo Capital funds are afloat recovered, FTX could beryllium person to raising astir $8 cardinal needed to marque its creditors whole. On Jan. 17, FTX lawyers disclosed that they had located astir $5.5 billion of assets held successful customers’ accounts crossed the bankrupt exchange.
FTX is reportedly looking to recover an further $93 cardinal from governmental donations, a $2.1 cardinal outgo to Binance, $446 cardinal successful transportation to Voyager Capital, and $2 cardinal successful insider loans.
The station FTX reportedly successful talks to recoup $400M concern successful Modulo Capital appeared archetypal connected CryptoSlate.
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