On 22 March, the FTX estate filed a motion to enter into a settlement to recover $460 million in assets for stakeholders.

The assets are a clawback from a Bahamas-based hedge fund Modulo Capital, which received $475 million in seed capital from FTX’s sister trading firm Alameda Research in 2022. This hedge fund was founded last year and headed by two acquaintances of former FTX CEO Sam Bankman-Fried “SBF,” Xiaoyun “Lily” Zhang and Ducan Rhenigans-Yoo.

According to the filing, the $460 million in recovered assets represents over 99% of Modulo’s remaining assets and includes $404 million in cash. Modulo would also waive any claim to $56 million in assets held in FTX.com and FTX.US accounts. Alameda would also lose any claim to its shares in Modulo because of the settlement.

(By Suzuki Shillsalot)