FTX-linked LedgerPrime reboots with new name, reports Bloomberg

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The Block2024/02/29 15:01

By:RT Watson

After being forced to wind down due to FTX’s bankruptcy, crypto hedge fund LedgerPrime is restarting under the new moniker MNNC Group.LedgerPrime once managed as much as $400 million and banked an annualized return average of approximately 40%, the company said.

FTX-linked LedgerPrime reboots with new name, reports Bloomberg image 0

Crypto hedge fund LedgerPrime has transformed and adopted a new name according to Bloomberg.

After being forced to wind down due to FTX's bankruptcy, LedgerPrime has restarted with several former employees as MNNC Group. The new team includes Shiliang Tang, who served as Chief Investment Officer at LedgerPrime.

"The Cayman Islands-registered, multi-strategy hedge fund has raised an undisclosed amount of money from backers, including those who invested in LedgerPrime, a subsidiary of Ledger Holdings, which was acquired by FTX US in 2021," the report said.

MNNC Group has 11 staffers, most of whom come from LedgerPrime, the report also said. At its peak, LedgerPrime managed as much as $400 million and recorded an annualized return average of approximately 40%, MNNC group told Bloomberg.

Earlier this year, LedgerPrime alumni Zaheer Ebtikar and Michael Churchouse also launched a new fund called Split Capital. That fund focuses on taking a longer view with an emphasis on liquid token investments.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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