.FTX_Official's new leadership is negotiating the return of $400 million SBF_FTX invested with a little-known hedge fund. The money is sitting in an interest-bearing account with JPMorgan. By amitoj
, the same luxury condominium complex where Bankman-Fried and other employees of FTX and its sister company Alameda resided.
Around the time FTX collapsed, Modulo’s holdings were converted into cash and are stored in an interest-bearing account with JPMorgan, which served as its prime broker, handling its trading in stocks and stock futures, the NYT report said. The fund is looking for FTX to release it from certain legal liabilities in exchange for returning the money, the New York Times said, citing one of the four people. There is no indication that the Modulo founders did anything wrong, according to the report.
Modulo's two founders, Duncan Rheingans-Yoo and Xiaoyun Zhang, known as Lily, recently hired Aitan Goelman, a criminal defense lawyer who is a former director of enforcement for the Commodity Futures Trading Commission, a previous New York TimesCourt filings have revealed that the U.S. governmentto take control of nearly $700 million of assets it seized in January from Bankman-Fried, according to court filings.
The U.S. attorney’s office for the Southern District of New York, JPMorgan, and representatives for FTX didn't immediately respond to CoinDesk's requests for comment. They declined to respond to NYT requests for comment, the report said.
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