• News
    • Latest News
    • Press Releases
  • Markets
  • Articles
    • Opinion
    • Explainers
    • Guest Posts
    • Sponsored Posts
  • Policy
  • Videos
  • Podcasts
  • Learn
    • DeFi Basics
    • Blockchain Fundamentals
    • Tutorials
    • Reviews
  • Research
    • Case Studies
  • Explore
    • NFTs
    • DAOs
    • Crypto Gaming
    • Metaverses
    • Web3
    • Stablecoins
    • CBDCs
    • DeFi
  • Markets Pro
    • Swap Crypto
    • DeFi Planet Pro
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer
No Result
View All Result
DeFi Planet
  • News
    • Latest News
    • Press Releases
  • Markets
  • Articles
    • Opinion
    • Explainers
    • Guest Posts
    • Sponsored Posts
  • Policy
  • Videos
  • Podcasts
  • Learn
    • DeFi Basics
    • Blockchain Fundamentals
    • Tutorials
    • Reviews
  • Research
    • Case Studies
  • Explore
    • NFTs
    • DAOs
    • Crypto Gaming
    • Metaverses
    • Web3
    • Stablecoins
    • CBDCs
    • DeFi
  • Markets Pro
    • Swap Crypto
    • DeFi Planet Pro
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer
No Result
View All Result
DeFi Planet
No Result
View All Result
Home News Latest News

FTX Seeks to Recover $460M From VC Firm, Modulo Capital

23 March 2023
in Latest News, News
Reading Time: 3 mins read
111 2
FTX Seeks to Recover $460M From VC Firm, Modulo Capital

Image source: boxmining.com

Bankrupt cryptocurrency exchange FTX is reportedly seeking to recover $460 million in allegedly misused customer assets from venture capital firm Modulo Capital. 

FTX is settling with Modulo Capital for $460 million.

First big “clawback”. pic.twitter.com/JNHn2bhNLb

— FTX 2.0pium (FTX Creditor) (@AFTXcreditor) March 22, 2023

On March 22, 2023, FTX filed settlement documents stating that Sam Bankman-Fried, FTX’s former CEO, directed Alameda Research to invest $475 million in Modulo through several transfers that began in May 2022. Alameda transferred the amount mentioned earlier to Modulo in exchange for 20% of Modulo’s Class A shares. According to the filing, Alameda and Modulo entered a limited partnership agreement on June 16, 2022.

According to the settlement agreement, Modulo agreed to pay FTX $404 million in cash and waive its claim to $56 million worth of assets held on the crypto exchange. This represents around 97% of FTX’s initial investment in Modulo. Alameda Research would also give up its claim to its Modulo shares as part of the settlement.

The settlement agreement still needs approval from United States Bankruptcy Judge John Dorsey, with a motion hearing scheduled for April 12.

Although the $460 million settlement would be a significant victory for FTX’s creditors, it represents less than 7% of the current deficit. As of March 17, 2023, FTX stated that claims against the company amounted to over $11 billion, while its assets totaled only $4.7 billion, resulting in a shortfall of around $7 billion.

Modulo Capital was founded in March 2022 by three former executives of Jane Street, a New York-based organization that had previously employed Sam Bankman-Fried, and Caroline Ellison, the former CEO of Alameda Research.

There have been speculations that Bankman-Fried’s decision to invest in the relatively unknown venture capital firm may have been influenced by his alleged romantic relationship with Xiaoyun Lily Zhang, one of its founders.

Bankman-Fried’s girlfriend? Xiaoyun “Lily” Zhang, used to be romantically involved with Bankman-Fried, according to four people familiar with their relationship. her partner, Duncan Rheingans-Yoo, had only graduated from Harvard two years before SBF’s investment. That’s textbook

— 9:29 (@GuitarSunCat) January 25, 2023

In November 2022, FTX’s CEO Sam Bankman-Fried resigned, and the exchange filed for Chapter 11 Bankruptcy. FTX’s new administrators have been tasked with recovering the exchange’s missing funds. The administrators reported that six former executives, including Bankman-Fried, received $3.2 billion in payouts and loans from FTX-related businesses.

 

If you would like to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”

 

Don't miss out!

Subscribe To Our Newsletter

Receive top education news, lesson ideas, teaching tips and more!
Invalid email address
Give it a try. You can unsubscribe at any time.
Thanks for subscribing!
Tags: AlamedaFTXModulo CapitalSBF
Share66Tweet41Share11
Previous Post

Federal Reserve Shocked by SVB Collapse Despite Warnings, Powell Reveals

Next Post

Australian Crypto Exchange CEO Expresses Interest in Setting Up Hong Kong Branch

Durotimi Aribisala

Durotimi Aribisala

Durotimi is a writer who is interested in writing about emerging technologies such as blockchain, Web3, crypto, and AI. He studied business administration and management. He desires to be an entrepreneur and movie director sometime in the future.

Related Posts

Philippine SEC Accuses Binance of Operating Without License, Warns Citizens of Violations
Latest News

Philippine SEC Accuses Binance of Operating Without License, Warns Citizens of Violations

29 November 2023

The Philippines's Securities and Exchange Commission (SEC) has accused Binance of operating in the country without the necessary approval or license. In a notice issued to the public on November 28, 2023, the regulator warned citizens to exercise caution...

How Artificial Intelligence is Powering a New Era in the NFT Space
AI

How Artificial Intelligence is Powering a New Era in the NFT Space

28 November 2023

NFTs and, more recently, AI, have burst onto the scene in the last few years and reshaped our understanding of what's achievable. NFTs have led us to reconsider the concept of value and revolutionized digital ownership. Meanwhile, Artificial Intelligence...

Bybit Surpasses 20 Million Users Ahead of 5th Anniversary, Faces Regulatory Scrutiny in the U.S.
Latest News

Bybit Surpasses 20 Million Users Ahead of 5th Anniversary, Faces Regulatory Scrutiny in the U.S.

28 November 2023

Bybit has achieved a significant growth milestone as it surpasses 20 million registered users, the crypto exchange announced in an official statement released on Tuesday, November 28, 2023. The Dubai-based exchange, founded in 2018, has rapidly grown to become...

CBDCs, Tokenized Assets, and Stablecoins Key to Future Finance - Singapore Central Bank’s Chief
CBDCs

CBDCs, Tokenized Assets, and Stablecoins Key to Future Finance – Singapore Central Bank’s Chief

28 November 2023

The future of the monetary system, as envisioned by Ravi Menon, the Managing Director of the Monetary Authority of Singapore (MAS), will consist of three crucial elements: central bank digital currencies (CBDCs), tokenized bank liabilities, and regulated stablecoins. Menon...

Swap Crypto

Markets Update

How High Can ETFs Take Bitcoin’s Price, and Why Do Institutional Investors Want It So Much?

12 hours ago

Solana’s Resurgence Post-FTX Collapse: Can It Sustain the Recovery?

3 days ago

Is Litecoin’s Descent Linked to Bitcoin? Exploring Both Tokens’ Relationship and Market Dynamics

3 days ago

Can Kaspa’s KAS Token Sustain its Remarkable Surge Amidst the Market Downturn?

1 week ago

Axie Infinity Tokens Are Down Bad, How Did We Get Here?

2 weeks ago

Is PancakeSwap’s CAKE Still a Buy? After Popping Off 100% in 2 Weeks

2 weeks ago
Read More

Events

BLOCKCHAIN EXPO GLOBAL 2023
BLOCKCHAIN EXPO GLOBAL 2023
30 Nov 23
London
AFRICA BITCOIN CONFERENCE
AFRICA BITCOIN CONFERENCE
1 Dec 23
Gold Coast
INTERNATIONAL SYMPOSIUM ON BLOCKCHAIN ADVANCEMENTS 2023
INTERNATIONAL SYMPOSIUM ON BLOCKCHAIN ADVANCEMENTS 2023
1 Dec 23
Singapore
CRYPTO & DIGITAL ASSETS SUMMIT: WINTER EDITION
CRYPTO & DIGITAL ASSETS SUMMIT: WINTER EDITION
5 Dec 23
London
BLOCKCHAIN DUBAI EXHIBITION & SUMMIT
BLOCKCHAIN DUBAI EXHIBITION & SUMMIT
27 Feb 24
United Arab Emirates

Spotlight

All about SolChicks

All about Algorand

All about Bitcoin

All about Goracle

Press Releases

DeXe Protocol Unveils Groundbreaking Manifesto Revolutionizing Digital Self-Governance

DeXe Protocol Unveils Groundbreaking Manifesto: Revolutionizing Digital Self-Governance

byGuest Author
15 November 2023
0

...

Restaking Cloud and PoN Network to Host Multichain Day at Devconnect 2023

Restaking Cloud and PoN Network to Host Multichain Day at Devconnect 2023

byGuest Author
10 November 2023
0

...

DeXe DAO Partners With RAK DAO to Enhance DAO Transparency and Efficiency

DeXe DAO Partners With RAK DAO to Enhance DAO Transparency and Efficiency

byGuest Author
20 October 2023
0

...

Gora Network Launches Testnet on Arbitrum

Gora Network Launches Testnet on Arbitrum

byGuest Author
13 August 2023
0

...

Blockswap to Host Multichain ERC20 Side Event at ETHCC

Blockswap to Host Multichain ERC20 Side Event at ETHCC

byGuest Author
8 July 2023
0

...

Read More
  • About Us
  • The Team
  • Careers
  • Contact
  • Partnerships

© Copyright 2023 DeFi Planet   |   Terms & Conditions   |   Privacy Policy

No Result
View All Result
  • News
    • Latest News
    • Press Releases
  • Markets
  • Articles
    • Opinion
    • Explainers
    • Guest Posts
    • Sponsored Posts
  • Policy
  • Videos
  • Podcasts
  • Learn
    • DeFi Basics
    • Blockchain Fundamentals
    • Tutorials
    • Reviews
  • Research
    • Case Studies
  • Explore
    • NFTs
    • DAOs
    • Crypto Gaming
    • Metaverses
    • Web3
    • Stablecoins
    • CBDCs
    • DeFi
  • Markets Pro
    • Swap Crypto
    • DeFi Planet Pro
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Please enter and activate your license key for Cryptocurrency Widgets PRO plugin for unrestricted and full access of all premium features.

Add New Playlist

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?
-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00