⚡ FTX's Former Hedge Fund Reemerges with a New Identity
posted 29 Feb 2024
LedgerPrime, previously a hedge fund within the collapsed crypto exchange FTX, has made a comeback under the new banner of MNNC Group, now officially registered in the Cayman Islands. Shiliang Tan, a principal partner, announced that not only has the group reclaimed most of its investor base, but it has also attracted a hefty investment sum in the process.
Volatility is very high, funding rates are very high, DeFi yields are pretty high. So generally, I mean, it’s a pretty healthy environment akin to I guess what we’ll call it 2021 markets,Tan remarked on the venture's prospects.
Laura Vidiella del Blanco, heading MNNC Group's development, mentioned the fund's average yield stands at 4% monthly, translating to an annual rate of about 28%. She emphasized that these figures, while promising, are not guaranteed. She also refuted any connection to FTX's fraudulent activities, despite LedgerPrime's closure.
With a core team of eleven, MNNC Group is eyeing an expansion due to fresh funding, aiming to replicate or surpass its former glory. Previously, the fund boasted annual returns of about 40% with managed assets nearing $400 million.
In related news, ex-FTX staffers Armani Ferrante and Сan Sun have ventured into the American market with their crypto exchange, Backpack, now operational across eleven states. They've also secured a Virtual Asset Service Provider (VASP) license from Dubai's Virtual Assets Regulatory Authority (VARA).
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