U.S. prosecutors might have an answer why former FTX CEO Sam Bankman-Fried was so lavish to invest in Modulo during a massive bear market.
Authorities in the United States might have discovered yet another possible component of Sam Bankman-Fried’s cryptocurrency empire.that Bankman-Fried has used money from FTX exchange to invest in the venture capital firm Modulo Capital, according to a report by The New York Times.a total of $400 million in Modulo in 2022, which became one of the largest investments by SBF.
According to the latest findings by SBF’s investigators, the Modulo investment was likely made using criminal proceeds or misappropriated money that FTX customers had deposited with the exchange. The prosecutors said that Modulo has emerged as an important part of the investigation as FTX lawyers are now reportedly eyeing Modulo’s assets as they scramble to recover the billions of dollars from repaying their customers, investors and other creditors. So far, the whereabouts of SBF’s $400 million investment is unclear.
Modulo Capital was founded in March 2022 by three former executives at Jane Street, a New York-based firm that once employed Bankman-Fried and Alameda CEO Caroline Ellison. One of the founders, Duncan Rheingans-Yoo, was reportedly only two years out of college. Another Modulo co-founder, Xiaoyun Zhang, known as Lily, was a former Wall Street trader who had some ties with SBF. Modulo is also known to run its operations from the same Bahamian condo community where SBF resided.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sam Bankman-Fried Posts Excel Docs That He Says Shows Nothing Was His FaultAccording to Substack author Sam Bankman-Fried's excel docs — delivered by way of newsletter — FTX US is solvent. The new FTX CEO says otherwise.
Read more »
BlockFi secret financials show a $1.2 billion relationship with Sam Bankman-Fried's crypto empireFinancial documents that were mistakenly uploaded from bankrupt crypto firm BlockFi show a $1.2 billion relationship with FTX and Alameda Research.
Read more »
Sam Bankman-Fried gave $400m to obscure crypto trading firmSam Bankman-Fried gave $400 million to an obscure crypto-trading firm cofounded by a Jane Street trader just 2 years out of college, report says
Read more »
Report: Beto O'Rourke Kept $100k in Sam Bankman-Fried DonationsFailed Texas gubernatorial candidate Beto O’Rourke has claimed that he returned a $1 million donation from disgraced former FTX CEO Sam Bankman-Fried; however, it appears that he did not return all of the money, according to a report.
Read more »
Live From House Arrest, It's Anna Delvey Hosting a Dinner Party ShowHer dream guests include Sam Bankman-Fried, Elon Musk, and author Ottessa Moshfegh.
Read more »
The Crypto Industry’s Favorite Bank Is in Deep TroubleSam Bankman-Fried once lauded the tiny Silvergate Bank for being a key part of the crypto revolution. Today, the view is less rosy. mcelarier reports
Read more »