Former FTX-Affiliated Crypto Hedge Fund Relaunches as MNNC Group
Crypto hedge fund LedgerPrime, previously associated with the bankrupt FTX crypto exchange, has made a comeback under the new name MNNC Group, according to a report by Bloomberg. The revived hedge fund has successfully raised an investment amount in the “mid-eight-figures.”
A Fresh Start for Former FTX-Affiliated Employees
LedgerPrime was compelled to shut down after the collapse of FTX in November 2022. Following the acquisition of its parent company, Ledger Holdings, by FTX US in 2021, the hedge fund transformed into a family office for Alameda Research in 2022.
MNNC Group’s chief operating officer, Ayesha Kiani, stated that their track record is helping them regain momentum. She emphasized that the company was not responsible for FTX’s collapse as they had returned outside capitals in September 2022.
MNNC Group describes itself as a global leader in generating sustained and superior risk-adjusted returns in one of the fastest growing assets in the world. The company prides itself on its commitment to rapid innovation and its technology-first and data-centric approach.
Reviving Digital Asset Hedge Funds
MNNC Group’s relaunch follows the establishment of Split Capital, a token-based hedge fund founded by former LedgerPrime employees including Zaheer Ebtikar, Michael Churchouse, and Nai Boonkongkird.
Zaheer Ebtikar expressed his excitement about Split Capital’s official launch, describing it as a long-awaited dream come true. He acknowledged the challenges faced over the past year due to FTX’s collapse but expressed gratitude for the opportunity to rebuild.
Shiliang Tang, LedgerPrime’s former chief investment officer, is expected to serve as an advisor to Split Capital while also acting as a general partner and special advisor to MNNC Group.
Bankman-Fried’s Legal Battle for a Reduced Sentence
Sam Bankman-Fried, the disgraced founder of FTX, is facing sentencing for his involvement in the collapse of the crypto exchange. In November 2023, he was convicted on seven counts of fraud for misappropriating over $8 billion in customer funds. Bankman-Fried could potentially face a maximum sentence of 110 years in prison.
In an attempt to secure a lesser sentence, Bankman-Fried’s lawyers argued that he is particularly vulnerable in prison due to his Autism Spectrum Disorder diagnosis. They requested a maximum sentence of 6.5 years, highlighting his charitable works and commitment to others as mitigating factors.
The sentencing for Bankman-Fried is scheduled to take place on March 28 at the Manhattan federal courthouse.
🔥 Hot Take: MNNC Group’s Rebirth Signals Resilience in the Crypto Industry 🔥
The relaunch of LedgerPrime as MNNC Group demonstrates the resilience and adaptability within the crypto industry. Despite the setback caused by FTX’s collapse, the former employees have successfully revived their hedge fund under a new name.
MNNC Group’s ability to raise significant investment amounts indicates confidence from investors in their track record and approach. The revival also aligns with the emergence of Split Capital, another token-based hedge fund founded by former LedgerPrime employees.
However, amidst this positive news, there is still uncertainty surrounding the fate of FTX founder Sam Bankman-Fried. His legal battle for a reduced sentence highlights the complexities and consequences faced by individuals involved in the crypto space.
As the crypto industry continues to evolve, it is crucial for participants to navigate regulatory challenges, build trust, and prioritize transparency. The reestablishment of MNNC Group serves as a reminder of the resilience and determination required to thrive in this dynamic landscape.
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