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- LedgerPrime announced a rebrand to MNNC Group successful February.
- The crypto hedge money was erstwhile portion of FTX’s crypto empire.
- Shiliang Tang isn’t the lone FTX-linked entrepreneur to enactment successful crypto.
Parts of Sam Bankman-Fried’s crypto empire are inactive kicking.
MNNC Group told DL News that it’s raised much than $100 million.
According to Thursday filings with the Securities and Exchange Commission, the Cayman Islands-based firm, which was antecedently called LedgerPrime, had raised $53 cardinal crossed 2 funds.
But Ayesha Kiani, the main operating serviceman of MNNC Group, said: “It’s a batch much than that. That’s conscionable 1 of our onshore entities.”
Kiani declined to elaborate to DL News connected Friday, beyond saying that MNNC Group’s assets nether absorption were successful the “nine figures.”
The estimation is simply a leap from the “mid-eight-figures” the money told Bloomberg it raised successful February.
At its height, LedgerPrime managed $400 million, and, successful 2021, FTX acquired Ledger Holdings, genitor of the hedge fund.
After Bankman-Fried’s crypto speech went belly up successful November 2022, LedgerPrime coiled down and rebranded arsenic MNNC Group, according to Kiani.
The Cayman Islands-based steadfast has astir 10 investors, she told DL News, declining to sanction them.
FTX’s graduating class
The fund’s squad members aren’t the lone ones with FTX connections to dive backmost into integer assets aft the crypto speech collapsed.
Former FTX executives Armani Ferrante and Tristan Yver co-founded crypto speech and wallet Backpack, which announced a $17 cardinal fundraise successful February astatine a valuation of $120 million.
Brett Harrison, the erstwhile president of FTX’s US subsidiary, raised $17 cardinal for Architect, an organization crypto trading platform.
And Zaheer Ebtikar, a erstwhile portfolio manager astatine LedgerPrime, launched his ain crypto hedge fund: Split Capital.
In summation to MNNC Group, Shiliang Tang, the wide partner, besides founded Arbelos, a crypto trading steadfast that looks to rival marketplace making giants similar Jane Street.
In May, helium and his co-founder Joshua Lim — different crypto seasoned who’s worked astatine crypto stalwarts similar Galaxy Digital and Circle — announced that they had raised $28 cardinal for the caller company.
Ben Weiss is DL News’ Dubai Correspondent. Got a tip? Email him astatine [email protected].
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