Prosecutors Raids FTX-Linked Crypto Hedge Fund

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A prominent FTX Derivatives Exchange-linked crypto hedge fund headquartered in Geneva, Switzerland, Tyr Capital Partners has come under scrutiny as prosecutors conducted a raid following a criminal mismanagement complaint filed by investor TGT.

The complaint stems from losses incurred by TGT in the aftermath of the collapse of the crypto exchange FTX Derivatives Exchange. In August of last year, Capital Partners came under investigation by prosecutors as reported by Financial Times.

TGT Allegations Against Crypto Hedge Fund

TGT is an investor that had funds with Tyr Capital Partners which is renowned as a leading crypto hedge fund. TGT leveled accusations of criminal mismanagement against Tyr, claiming that the hedge fund ignored internal risk thresholds and investor alerts concerning its exposure to FTX.

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The collapse of FTX triggered a cascade effect, impacting numerous firms as new revelations emerged during various legal proceedings involving FTX and its CEO, Sam Bankman-Fried, as well as the bankruptcy proceedings of FTX.

In February of 2023, a Los Angeles resident was sued by fund manager and co-founder of hedge fund Syncracy Capital, Daniel Cheung, alleging he was robbed of approximately $1 million.

Legal Proceedings against FTX Linked Hedge Fund

According to TGT, when concerns about FTX’s financial stability were raised between November 7 and 10, 2022, the chief investment officer of Tyr Capital Partners, Edouard Hindi, allegedly disregarded these warnings and attempted to withdraw the fund’s assets from FTX.

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Following this, TGT sought authorization for a “dawn raid”, which is a surprise inspection of Tyr Capital Partners’ offices, and is presently engaged in the process of selling off the portfolio and taking charge of any remaining assets.

Tyr Capital Partners in a swift response to the allegations by TGT investors stated that due to ongoing investigations stemming from the unfounded allegations, they were refraining from providing detailed comments to avoid influencing the investigations. The company claimed it has fulfilled its regulatory and contractual obligations, and therefore, no valid legal claim can be made.

Besides disregarding worries about FTX’s financial stability, TGT also asserted that Tyr breached an internal risk rule restricting exposure to any individual counterparty to 15 percent of assets. Tyr, nevertheless, notified the prosecutor that according to the filing, an independent committee determined there was no violation of internal regulations.

In the meantime, FTX administrators have struggled to revive the inactive exchange and are currently engaged in selling assets, such as BTC holdings in GBTC, to compensate creditors.

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