Sino Global Files $67M Claim Against FTX-Alameda

The money aimed to rise $200 cardinal and chiefly targeted precocious nett worthy individuals. This attack marked a departure for Sino, arsenic it was the archetypal clip the steadfast sought extracurricular superior done a ceremonial money vehicle.

In selling worldly promoting the fund, FTX was described successful the descent platform arsenic a "co-GP and anchor LP", with the imaginable to unlock "significant strategical value" done vulnerability to Bankman-Fried’s beingness of tokens. As of January 2022, the money had already raised $90 million, with FTX arsenic an anchor investor.

Initially, Sino Global said that its “direct vulnerability to FTX speech was confined to mid-seven figures held successful custody.”

Bankman-Fried was listed arsenic an indirect capitalist successful the money connected SEC filings from 2022, alongside Alameda Research, subsidiary Alameda Ventures and Graham.

As of 2023, the money is nary longer registered with the SEC though it remains progressive with the Cayman Islands Monetary Authority.

A spokesperson for Sino Global antecedently told CoinDesk that a important absorption of the fund's investing efforts has been connected infrastructure and gaming.

Shortly aft the illness of FTX, Sino released a statement saying that it “trusted FTX to beryllium a bully histrion committed to pushing the manufacture forward. “We profoundly regret that misplaced trust.”

In mid-July, Sino Global announced that it had hired erstwhile FTX COO Constance Wang, erstwhile described arsenic Bankman-Fried’s “right hand” successful his fundraising drive, to beryllium its caput of gaming.