In a surprising turn of events, the once troubled crypto hedge fund LedgerPrime has rebranded itself as MNNC Group, signaling a fresh start in the market. After being entangled with the bankruptcy of the FTX crypto exchange in 2022, LedgerPrime was forced to shut down its operations. However, with a new name and a renewed vision, MNNC Group has emerged stronger than ever. According to a recent Bloomberg report, the reinvigorated hedge fund has managed to secure a substantial investment in the “mid-eight-figures,” showcasing a vote of confidence from investors.
Rising from the Ashes
The revival of MNNC Group comes as a surprise to many in the industry, especially after the collapse of FTX in 2022. Despite its affiliation with the failed exchange, MNNC Group has managed to distance itself from the debacle by returning outside capital prior to FTX’s downfall. Chief Operating Officer Ayesha Kiani highlighted the company’s impeccable track record as a key factor in its resurgence, stating that MNNC Group was not to blame for the demise of FTX.
Former employees of LedgerPrime have also found a new lease on their professional lives with the launch of Split Capital, a token-based hedge fund. Led by individuals such as Zaheer Ebtikar, Michael Churchouse, and Nai Boonkongkird, Split Capital aims to capitalize on the growing trend of digital assets. Ebtikar expressed his excitement for the launch of Split Capital, emphasizing the emotional journey of rebuilding after the collapse of FTX. With the support of seasoned professionals like Shiliang Tang, who serves as an advisor to Split Capital and a general partner to MNNC Group, the new ventures are poised for success.
The downfall of FTX founder Sam Bankman-Fried has been a cautionary tale in the crypto industry, with the entrepreneur facing a federal prison sentence for his role in the exchange’s demise. Convicted on multiple counts of fraud, Bankman-Fried is staring at a potential 110-year sentence, although his lawyers are advocating for a more lenient punishment. Citing his Autism Spectrum Disorder diagnosis, the defense team is urging the court to consider Bankman-Fried’s charitable works and contributions to society in mitigating his sentence. The final verdict on Bankman-Fried’s fate is set to be delivered on March 28 at the Manhattan federal courthouse, marking a crucial turning point in his tumultuous journey.
The rebranding of MNNC Group and the launch of Split Capital symbolize a fresh start for the individuals and entities impacted by the collapse of FTX. Despite the challenges and setbacks faced along the way, the resilience and determination of the industry players have paved the way for a new chapter in the world of crypto hedge funds. As the market continues to evolve and adapt, the success stories of MNNC Group and Split Capital serve as beacons of hope for those navigating the complex landscape of digital assets.