FTX bankruptcy estate to claw back $460 million from Alameda-seeded hedge fund Modulo Capital. 0x_tracy reports
Don't miss "FTX: What Happened" with the former president of FTX's U.S. arm and Anthony Scaramucci.The FTX estate on Wednesday filed a motion to enter into a settlement that would recover $460 million in assets for stakeholders, marking a significant recovery in the ongoing bankruptcy case.
The assets are a clawback from Modulo Capital, a Bahamas-based hedge fund that received $475 million in seed capital from Alameda Research in 2022. Modulo Capital was founded in early 2022 and is headed by principals Xiaoyun “Lily” Zhang and Ducan Rhenigans-Yoo, both acquaintances of former FTX CEO Sam Bankman-Fried.The court filings said the agreement came “following constructive negotiations with the Modulo Entities and their principals.
“The terms of the Agreement provide for the return of nearly all of the value transferred by the Alameda Debtors to the Modulo Entities while avoiding the time and expense of pursuing the Claims through litigation,” said the filing.spreadsheet of Alameda’s venture capital investments revealed a mysterious"Modulo Capital" had received funding to the tune of hundreds of millions of dollars.
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