HomeCryptoCrypto news for LedgerPrime: the renaissance after the interruption related to FTX

Crypto news for LedgerPrime: the renaissance after the interruption related to FTX

News: following the closure imposed by the bankruptcy of FTX, the crypto hedge fund LedgerPrime reinvents itself with the name MNNC Group. 

The company claims that LedgerPrime has managed up to 400 million dollars, achieving a significant average annualized return of 40%. Below we see all the details. 

LedgerPrime news: the crypto hedge fund resumes activity with a new name after FTX’s failure

As anticipated, according to what was reported by Bloomberg, the crypto hedge fund LedgerPrime has undergone a significant transformation, while also adopting a new name.

After having to cease activities following the bankruptcy of FTX, LedgerPrime has rebooted with the creation of MNNC Group.

In particular involving various former employees, including Shiliang Tang, former Chief Investment Officer at LedgerPrime. The report states the following: 

“The multi-strategy hedge fund, based in the Cayman Islands, has raised an undisclosed amount of money from investors, including those who had invested in LedgerPrime, a subsidiary of Ledger Holdings acquired by FTX US in 2021.”

MNNC Group, currently composed of 11 team members, mostly coming from LedgerPrime, has preserved the heritage of the parent company. 

Specifically managing up to 400 million dollars and achieving an average annualized return of about 40%, as stated by internal sources at Bloomberg.

At the beginning of this year, former prominent members of LedgerPrime, Zaheer Ebtikar and Michael Churchouse, launched a new fund called Split Capital. 

This fund focuses on a long-term perspective, with a particular focus on investments in liquid tokens.

Bankman-Fried’s clemency request from FTX

Sam Bankman-Fried, the disgraced founder of the crypto exchange FTX, is trying to get a lighter sentence. This comes after being found guilty of fraud and now facing the possibility of over 100 years in prison.

On February 27, Bankman-Fried’s lawyers filed a legal statement at the United States District Court in Manhattan, requesting a prison sentence ranging between 5 and 6 years.

They underline that despite the collapse of FTX, the exchange’s customers have been compensated, as reported by the New York Times. 

Bankman-Fried has declared himself “deeply, deeply sorry” for “the pain caused in the last two years”. The verdict is scheduled for March 28, after the recommendation of federal prosecutors on March 15.

Despite the massive $8 billion fraud, family, friends, and even law professors are supporting Bankman-Fried, questioning the role of the law firm Sullivan & Cromwell in the criminal justice process. 

In November 2023, he was unanimously found guilty of seven criminal charges, facing a potential imprisonment of up to 120 years for computer fraud, embezzlement, and conspiracy.

FTX and Alameda Research declared bankruptcy in November 2022, revealing a tumultuous financial environment with debts exceeding 3 billion dollars to the main creditors.

LedgerPrime launches Split Capital: a new hedge fund for investments

Zaheer Ebtikar and Michael Churchouse, former members of LedgerPrime, together with Nai Boonkongkird, have founded Split Capital, a hedge fund that focuses on long-term investments in liquid digital tokens. 

Shiliang Tang, former chief investment officer of LedgerPrime, will act as a consultant for the fund.

Reported for the first time by Fortune, Split Capital presents a distinctive approach to its investment strategy. 

Unlike many venture capital companies in the cryptocurrency sector, which often quickly divest when digital resources become liquid, Split Capital aims to take a long-term view on token investments.

Specifically aimed at investors willing to commit to the cryptocurrency market for extended periods.

Ebtikar highlighted the team’s past success in token recommendations such as Solana, Lido, and Synapse, while mentioning the acquisition of LedgerPrime by the former cryptocurrency exchange FTX in 2021.

The fund has received support from important investors, including Novi Loren, UTXO Management, and Dan Matuszewski of CMS Holdings, but the size of the fund has not been disclosed due to regulatory constraints.

Alessia Pannone
Alessia Pannone
Graduated in communication sciences, currently student of the master's degree course in publishing and writing. Writer of articles from an SEO perspective, with care for indexing in search engines.