Former FTX-Linked Crypto Hedge Fund Relaunches as MNNC Group

According to Bloomberg, LedgerPrime, a cryptocurrency hedge fund associated with FTX, will be rebranding as MNNC Group and relaunching. Here's what to anticipate.

Crypto hedge fund LedgerPrime, affiliated with FTX, rebrands as MNNC Group, reports Bloomberg.

By Julia Smith | Last updated: February 29, 2024 17:24 EST | 2 min read :rocket:

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Crypto hedge fund LedgerPrime, previously associated with the bankrupt FTX crypto exchange, has made a comeback under a new name – MNNC Group. 🚀 According to Bloomberg, the revived hedge fund has secured a significant investment in the “mid-eight-figures.” 💰

A Fresh Start for Former FTX-Affiliated Employees

LedgerPrime was forced to halt operations after FTX’s collapse in November 2022. In 2021, FTX US acquired its parent company, Ledger Holdings, while the hedge fund transitioned into a family office for Alameda Research in 2022. Despite the unfortunate turn of events, Ayesha Kiani, MNNC Group’s chief operating officer, stated that the company was not to blame for FTX’s downfall. In fact, they returned outside capitals in September 2022, proving their commitment to their investors. 👍

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MNNC Group prides itself on its track record and embraces rapid innovation, a technology-first approach, and a data-centric strategy. Their efforts have positioned them as global leaders in generating sustained and superior risk-adjusted returns within the fast-growing world of digital assets. 💪 You can read more about their mission on MNNC Group’s website.

Reviving the Digital Asset Hedge Funds

MNNC Group’s reestablishment follows the launch of Split Capital, a token-based hedge fund founded by former LedgerPrime employees, including Zaheer Ebtikar, Michael Churchouse, and Nai Boonkongkird. 🤝 After overcoming the hurdles caused by FTX’s collapse, Ebtikar expressed his gratitude for the opportunity to rebuild and move forward. It has been a challenging journey, but they are excited about what lies ahead. 🎢

LedgerPrime’s former chief investment officer, Shiliang Tang, is expected to act as an advisor to Split Capital while serving as a general partner and special advisor to MNNC Group – a testament to the expertise and experience this talented team brings to the table. 🙌

Bankman-Fried’s Legal Battle for Mercy

Unfortunately, the FTX founder, Sam Bankman-Fried, faces a different fate. He is scheduled to be sentenced to federal prison for his involvement in the collapse of the ill-fated crypto exchange. Bankman-Fried was convicted on seven counts of fraud in November 2023, accused of misappropriating over $8 billion in customer funds. Now, the disgraced entrepreneur is looking at a potential total of 110 years in prison. 😱

However, Bankman-Fried’s lawyers are fighting for a reduced sentence. They claim that his Autism Spectrum Disorder diagnosis makes him particularly vulnerable in prison and have requested a maximum sentence of 6.5 years. The court will ultimately decide his fate during the sentencing on March 28 at the Manhattan federal courthouse. 🏛️

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Q&A: What Else You Might Want to Know

Q: What measures did MNNC Group take to prevent the collapse of FTX from affecting their clients?

A: MNNC Group returned outside capitals in September 2022, a clear indication that they weren’t at fault for FTX’s collapse. This proactive step safeguarded their investors’ funds and demonstrated their commitment to prioritizing their clients’ interests.

Q: How does MNNC Group differentiate itself from other digital asset hedge funds?

A: MNNC Group has built a reputation as a global leader in generating superior risk-adjusted returns. Their commitment to rapid innovation, a technology-first approach, and a data-centric strategy sets them apart in a rapidly evolving industry.

Q: Is there any hope for Sam Bankman-Fried to receive a lighter sentence?

A: Bankman-Fried’s lawyers are advocating for a reduced sentence due to his Autism Spectrum Disorder diagnosis. They argue that his vulnerabilities in prison warrant a maximum sentence of 6.5 years rather than the potential 110 years he faces.

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References:

1. Bloomberg: Link
2. MNNC Group’s website: Link
3. Split Capital’s tweet: Link
4. Blockonomi: Link
5. CoinGape: Link

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