MNNC Group, a fund formerly owned by FTX, raises $100 million

FTX-linked fund MNNC Group raises over $100m after LedgerPrime name change MNNC Group, the fund previously owned by FTX, raised $100m in capital. According to the report from DL News, MNNC Group - previously known as LedgerPrime - has announced that it has raised over $100m. The filing submitted to the US Securities and Exchange Commission (SEC) shows that the fund, headquartered in the Cayman Islands, has raised $53m through two capital raising funds. However, Ayesha Kiani - the CEO of MNNC Group - said the actual figure is much larger and the fund's assets under management have already exceeded the "9-digit" level, but refused to disclose the details. Previously, at its peak, LedgerPrime managed $400m in assets. Later in 2021, Ledger Holdings, the parent company of the LedgerPrime fund, was acquired by FTX through the LedgerX exchange deal under LedgerPrime's management. After the collapse of FTX in November 2022, LedgerPrime was restructured and renamed to MNNC Group. Notably, MNNC Group is not the only name "resurrected" from the collapsed FTX empire, returning to the cryptocurrency market and continuing to invest in crypto. The prominent "revived" list in recent times includes: - Armani Ferrante and Tristan Yver, former FTX executives, founded the crypto exchange and wallet Backpack, raising $17m with a valuation of $120m. - Brett Harrison, former President of FTX US, also raised $17m to build the institutional crypto trading platform Architect. - Zaheer Ebtikar, former investment portfolio manager at LedgerPrime, has launched a new crypto investment fund called Split Capital. - Shiliang Tang, a general partner of MNNC Group, also founded the crypto trading firm Arbelos Market, aiming to compete with industry giants like Jane Street. Tang and co-founder Joshua Lim raised $28m for the new company in May. Regarding the FTX bankruptcy, more than two years after the shocking collapse of the cryptocurrency exchange, FTX, led by former CEO Sam Bankman-Fried, has officially announced a repayment plan for customers and creditors to be implemented in early 2025. The first repayments will be rolled out within 60 days from January 3, 2025, in cooperation with two industry giants, Kraken and BitGo.