Miguel Cordon · · 1 min readFTX to retrieve $404m in settlement with investment fund Modulo
FTX will be getting back US$404 million in funds as part of a proposed settlement, Bloomberg reported, citing a bankruptcy document.
The amount was allegedly moved by founder Sam Bankman-Fried to investment fund Modulo Capital, which was founded early last year by his acquaintances Xiaoyun Zhang and Duncan Rheingans-Yoo. According to the report, the fund received US$475 million in 2022 before FTX entered bankruptcy.
The settlement deal would see US$460 million in recovered assets. This includes US$404 million in cash and Modulo letting go of its claims against FTX for US$56 million.
The failed crypto exchange said that Modulo has no other funds to repay the amount. US bankruptcy judge John Dorsey will decide if the settlement is approved.
A leaked screenshot of the portfolio of FTX affiliate Alameda Research showed that it poured at least US$400 million into Modulo late last year.
Editing by Thu Huong Le and Lorenzo Kyle Subido
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