In the ever-changing world of cryptocurrency, LedgerPrime has made a significant transition, rebranding itself as MNNC Group following its association with the now-bankrupt FTX. This move symbolizes a new chapter for the crypto hedge fund, aiming to distance itself from the setbacks linked to FTX’s downfall.
A Fresh Start with MNNC Group
The rebranding to MNNC Group is a strategic decision, driven by the desire for a clean slate and the ambition to rebuild trust within the crypto community. This initiative is spearheaded by several former LedgerPrime employees who are committed to reviving the fund’s operations with a new focus and identity. The MNNC Group emerges at a crucial time when the crypto hedge fund sector is witnessing increased interest from institutional investors and adapting to the changing regulatory environment.
Fundraising Success and Future Prospects
Despite previous challenges, MNNC Group has successfully secured funding from previous backers of LedgerPrime, showcasing confidence in the team’s ability to navigate the complex crypto market. Currently, the group boasts a team of 11 staffers and manages assets nearing $400 million, achieving an impressive annualized return average of about 40%. This success positions MNNC Group to cater to the growing demand for sophisticated investment strategies and risk management solutions in the intersection of traditional finance and digital assets.
FTX’s Ongoing Efforts to Settle Debts
Meanwhile, FTX is navigating its bankruptcy, undertaking various strategic measures to liquidate assets and raise funds to settle with creditors. Among these efforts is the sale of Bahamas-based properties and digital assets, which recently generated $1.8 billion in revenue. These funds are designated to compensate customers affected by FTX’s collapse, as detailed in a document filed in Delaware bankruptcy court.
