.sinoglobalcap has filed a $67M bankruptcy claim against FTX_Official over its Liquid Value fund the two once ran together. thesamreynolds reports
The fund aimed to raise $200 million and primarily targeted high net worth individuals. This approach marked a departure for Sino, as it was the first time the firm sought outside capital through a formal fund vehicle.
In marketing material promoting the fund, FTX was described in the slide deck as a"co-GP and anchor LP", with the potential to unlock"significant strategic value" through exposure to Bankman-Fried’s universe of tokens. As of January 2022, the fund had already raised $90 million, with FTX as an anchor investor.that its “direct exposure to FTX exchange was confined to mid-seven figures held in custody.
Bankman-Fried was listed as an indirect investor in the fund on SEC filings from 2022, alongside Alameda Research, subsidiary Alameda Ventures and Graham. As of 2023, the fund is no longer registered with the SEC though it remains active with the Cayman Islands Monetary Authority. A spokesperson for Sino Global previously told CoinDesk that a significant focus of the fund's investing efforts has been on infrastructure and gaming.saying that it “trusted FTX to be a good actor committed to pushing the industry forward. “We deeply regret that misplaced trust.”that it had hired former FTX COO Constance Wang, once described as Bankman-Fried’s “right hand” in his fundraising drive, to be its head of gaming.
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.
War, AI and Climate Change Shake Up $32 Trillion in Global TradeUS-China tensions, the shift from fossil fuels, and the proliferation of AI. Here's everything threatening to rewire $32 trillion in global trade
Read more »
Security News This Week: The Cloud Company at the Center of a Global Hacking SpreePlus: A framework for encrypting social media, Russia-backed hacking through Microsoft Teams, and the Bitfinex Crypto Couple pleads guilty.
Read more »
‘Oppenheimer’ Crosses $500M Global, Will Reach $550M+ Through Sunday; Overtakes ‘Dunkirk’ WWChristopher Nolan’s Oppenheimer has reached the $500M global milestone, on its way to an estimated $551M through Sunday. This would make it the filmmaker’s fifth-highest-grossing film of all …
Read more »
Ocean Surface Temperatures Break Global Record Set in 2016The average daily global temperature of the ocean’s surface is expected to rise even further as El Niño strengthens.
Read more »
HCS Global Invitational Day 1 recapFor those who couldn't catch the first day of the Halo Championship Series Global Invitational happening in Salt Lake City, here's what you may have missed.
Read more »
The world inches closer to feared global warming 'tipping points': 5 disastrous scenariosAntarctic sea ice is at a record low, fires in Canada are reshaping terrain and polluting the air and record ocean temperatures are threatening coral — while new research suggests critical Atlantic currents could collapse and trigger rapid climate changes.
Read more »