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Home»TRADING NEWS»Crypto hedge fund linked to FTX faces $22 million lawsuit
TRADING NEWS

Crypto hedge fund linked to FTX faces $22 million lawsuit

By Crypto FlexsFebruary 20, 20243 Mins Read
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Crypto hedge fund linked to FTX faces  million lawsuit
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Geneva-based Tyr Capital Partners is facing a $22 million setback due to the collapse of a cryptocurrency exchange. FTX. The Cayman Islands legal action, led by investor group TGT, accuses Tyr Capital of overlooking important risk management measures and investor cautions associated with its participation in FTX.

These alleged oversights of cryptocurrency hedge funds have had significant financial implications.

FTX bankruptcy leaves hedge fund in legal trouble

The lawsuit focuses on allegations that Tyr Capital failed to respond quickly to FTX’s financial problems. TGT alleges that the company raised concerns with Tyr’s Chief Investment Officer between November 7 and 10, 2022, but Tyr waited until November 11, the day FTX declared bankruptcy, to attempt to withdraw assets. .

Crypto hedge funds claim that the delay has resulted in significant losses, leading them to seek control of their remaining assets.

Tyr Capital, which emphatically denies the allegations, maintains its commitment to its regulatory and contractual obligations. The company emphasizes its commitment to legal integrity and has decided to withhold further comment due to the ongoing investigation.

“Given the ongoing investigation into these false claims, we cannot comment in detail as we refuse to prejudice that investigation. There is no valid legal claim that can be made,” Tyr said.

Read more: GSD Capital Review: Your Guide to AI-Powered Hedge Funds

This lawsuit highlights the complex and high-risk nature of cryptocurrency investing. The ripple effects of the FTX collapse are impacting stakeholders, from hedge funds like Tyr Capital to charities like Effective Ventures Foundation, which pledged to return $26.8 million in donations amid legal challenges.

Read more: Who is the infamous FTX co-founder Sam Bankman-Fried (SBF)?

Additionally, FTX is actively pursuing recovery efforts and asset liquidation to improve liquidity and resolve creditor claims. A key court filing revealed FTX’s intention to sell its subsidiary Digital Custody Inc. to CoinList for $500,000. This is in stark contrast to the initial purchase price. This sale is a key element of FTX’s strategy to liquidate its assets and stabilize its finances with the goal of satisfying the claims of its numerous creditors.

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