It was reported on February 29, 2024, that the once-defunct crypto hedge fund LedgerPrime has re-emerged under the new name MNNC Group. Following the collapse of the FTX crypto exchange in November 2022, LedgerPrime was forced to cease its operations. However, MNNC Group has managed to raise an impressive investment amount in the “mid-eight-figures” to kickstart its operations once again.
The Chief Operating Officer of MNNC Group, Ayesha Kiani, attributed the success of the revival to the company’s track record. She mentioned that MNNC Group was not at fault for FTX’s collapse, as they had already returned outside capitals in September 2022. With a commitment to rapid innovation and a technology-first approach, MNNC Group aims to generate sustained and superior risk-adjusted returns in the rapidly growing crypto asset market.
The Emergence of Split Capital
In addition to MNNC Group’s comeback, a new player has entered the crypto hedge fund arena. Split Capital, a token-based hedge fund, was founded by former LedgerPrime employees, including Zaheer Ebtikar, Michael Churchouse, and Nai Boonkongkird. Zaheer Ebtikar expressed his excitement about the launch of Split Capital after enduring a tumultuous year following FTX’s collapse. Despite the challenges, Ebtikar and his team have persevered and are thrilled to see their vision come to life.
Former chief investment officer of LedgerPrime, Shiliang Tang, is expected to join Split Capital as an advisor while also serving as a general partner and special advisor to MNNC Group. The collaboration between these two entities symbolizes a new chapter in the ever-evolving landscape of crypto investments.
The Downfall of Sam Bankman-Fried
Meanwhile, the founder of FTX, Sam Bankman-Fried, faces a different fate. Following his conviction on seven counts of fraud related to misappropriating over $8 billion in customer funds, Bankman-Fried is awaiting sentencing. Despite his defense team’s plea for leniency due to his Autism Spectrum Disorder diagnosis, Bankman-Fried could potentially face up to 110 years in prison. His sentencing is scheduled to take place on March 28 at the Manhattan federal courthouse.
The cryptocurrency industry continues to be a volatile and unpredictable environment for investors and entrepreneurs alike. While some entities like MNNC Group and Split Capital are finding ways to bounce back from setbacks, others like FTX and its founder are grappling with the consequences of their actions. As the market for digital assets evolves, it remains crucial for individuals and organizations to navigate this landscape with caution and integrity to ensure long-term success.
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