The noteworthy crypto hedge fund linked to FTX has transformed its identity to MNNC Group, garnering a substantial investment classified in the ‘mid-eight-figure’ category following the collapse of FTX.

MNNC Group, which was part of the FTX ecosystem and formerly called LedgerPrime, has successfully garnered undisclosed investments from its previous supporters, marking its return under this fresh moniker.

While it didn’t manage to attract all of LedgerPrime’s investors, MNNC Group raised a substantial amount classified as ‘mid-eight-figures’, as noted by Shiliang Tang, a general partner and advisor to the firm. Earlier this year, the group introduced its primary quantitative market-neutral strategy fund, ending the month with around 4% returns; a directional fund is anticipated to launch in March. FTX , in 2021.

Several key elements have played a part in its revival, such as its established track record and the absence of any scandals involving FTX. In September 2022, the company returned all external capital following the fallout.

Currently, MNNC Group employs eleven individuals, predominantly recruits from LedgerPrime, including its Chief Technology Officer, Johannes van Zeijts. The firm is also in the process of hiring additional staff as it prepares for the introduction of its directional strategy and other innovative approaches. FTX collapse .

In September 2022, LedgerPrime transitioned into a family office for Alameda Research, FTX’s trading entity, afterwards shutting down operations due to the declarations of bankruptcy from both FTX and its associated entities. At its peak, LedgerPrime managed assets totaling approximately $400 million, boasting an annualized return rate of about 40%.

LedgerPrime’s Evolution and Decay 

MNNC Group isn’t the only fund to evolve out of LedgerPrime; another cryptocurrency fund called Split Capital is spearheaded by a former portfolio manager from LedgerPrime. Alameda Research Through its rebranding and restructuring efforts, MNNC Group proves to be a dynamic player, effectively attracting fresh investments and carving out a new journey in the constantly shifting cryptocurrency landscape.

Please be advised that the details shared on this page are not intended as legal, tax, investment, financial, or any professional guidance. Always invest only what you are comfortable losing and seek independent financial counsel if uncertain. For more information, consider reviewing the terms and conditions along with the help and support sections provided by the issuer or advertiser. MetaversePost is dedicated to maintaining factual, impartial reporting, though market conditions may change unexpectedly.

Alisa, a committed journalist at MetaversePost, specializes in the dynamic fields of cryptocurrency, zero-knowledge proofs, investments, and the expansive universe of Web3. With a sharp focus on emerging trends and technologies, she offers thorough analysis and insights to engage readers in the continually evolving digital finance sphere.