FTX reached a deal to recover over $400 million from hedge fund Modulo, which in 2022 received $475 million in seed money from Alameda Research at the direction of disgraced founder Sam Bankman-Fried.
The latter, which he mostly owned, had: In May 2022, Alameda invested $25 million into Bahamas-based Modulo — founded by former Jane Street employees Xiaoyun Zhang and Duncan Rheingans-Yoo — and later $450 million into its fund.: As part of the deal, Modulo will pay $404 million in cash, and give up its claim to $56 million in assets held on FTX's crypto exchange.
FTX and Alameda also agree to give up any claims of ownership of Modulo, and won't take further legal action against the firm and its managers.Which — if any — other of Bankman-Fried's investments could end up giving the money back, likely to avoid lawsuits.
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