LedgerPrime Rebrands as MNNC Group Post FTX-Linked Turbulence

The cryptocurrency landscape is known for its dynamism and rapid evolution, and this sentiment rings true with the recent rebranding of LedgerPrime, a crypto hedge fund formerly associated with FTX. As reported by Bloomberg, LedgerPrime, previously forced to wind down its operations amidst the bankruptcy of FTX, has emerged from the ashes under a new name, MNNC Group.

LedgerPrime Aims to Rebuild Trust and Credibility 

The revival of LedgerPrime, now operating as MNNC Group, marks a resilient comeback in the face of adversity, as several former employees of LedgerPrime have joined forces to launch MNNC Group. The decision to rebrand as MNNC Group reflects a strategic shift and a fresh start for the team, distancing themselves from the challenges and setbacks encountered during their tenure with FTX.

The team aims to rebuild trust and credibility within the cryptocurrency community by embracing a new identity while forging ahead with renewed vigor and determination. Meanwhile, the relaunch of MNNC Group comes at a pivotal moment in the crypto hedge fund space, characterized by increasing institutional interest and evolving regulatory dynamics.

LedgerPrime Successfully Raised Funds

The report revealed that the hedge fund raised an undisclosed amount of money from backers, including those who invested in LedgerPrime, a subsidiary of Ledger Holdings in 2021. As of now, MNNC Group has 11 staffers while managing as much as $400 million. It also recorded an annualized return average of about 40%. 

As traditional finance intersects with the burgeoning world of digital assets, there is growing demand for sophisticated investment strategies and risk management solutions, which firms like MNNC Group are poised to deliver.

FTX Employs Strategic Measures to Refund Creditors

The one prominent crypto firm has been grappling with bankruptcy since its collapse in 2022. In response, the company has implemented a series of strategic measures aimed at raising cash and addressing the concerns of its creditors whose accounts remain frozen.

As one of the strategic efforts, a sizable portfolio of Bahamas-based properties is actively liquidated by the FTX bankruptcy estate. Likewise, FTX has been selling off some of its digital assets, generating $1.8 billion in revenue late last year. According to a document filed in Delaware bankruptcy court, the revenue of the sales is to be used to reimburse customers who were impacted by the abrupt collapse of the digital asset service provider.