Feb 21, 2024 12:25
The crypto hedge fund Tyr Capital is embroiled in a contentiousdispute with one of its clients regarding its exposure to the bankrupt digitalassets exchange FTX.
Tyr Capital Faces $22 Million Claim
Tyr Capital stands accused of "criminal"mismanagement by one of its clients, TGT, prompting a Swiss prosecutor to raidTyr's offices. TGT is now seeking to close its account with Tyr and recover the remaining assets, which includes a substantial claim of $22 million against FTX, asreported by the Financial Times today (Tuesday).
The collapse of FTX, once hailed as a leading player in thecrypto industry, traces back to 2022 following a report by CoinDesk.The report detailed how FTX and its sister company, Alameda Research, allegedlymanipulated reserves using their native FTT token. The fallout led to thedemise of Sam Bankman-Fried's multi-billion dollar empire and cast a pall overthe crypto market for months.
TGT alleged that it had voiced concerns about FTX betweenNovember 7, 2022, and November 10, 2022. However, Tyr Capital, led by formerDeutsche Bank executive Edouard Hindi, only withdrew assets from FTX on the daythe exchange filed for bankruptcy, according to a court filing cited in thereport.
Tyr Capital Denies Allegations of Mismanagement
Moreover, TGT, which manages investments from variouscompanies including the crypto platform Yield, claims that Tyr Capital disregardedan internal risk requirement limiting exposure to any single party to 15% ofassets. Tyr Capital has refuted these allegations, as outlined in the FinancialTimes report. The collapse of FTX has sent shockwavesthrough the crypto industry, impacting numerous companies directly orindirectly exposed to the exchange.
Swiss crypto hedge fund Tyr Capital is battling its client, TGT, over its dealings with bankrupt crypto exchange FTX, according to a report. By @parikshitm899.https://t.co/BMLx0fNt8D
CoinDesk (@CoinDesk)
February 20, 2024FTX Hacked: Three Individuals Charged in $400 MillionSIM-Swap Attack
The USfederal prosecutors have charged three individuals for their involvement ina $400 million hack of crypto exchange FTX, utilizing the SIM-swap technique,as reported by Finance Magnates.
The perpetrators, Robert Powell, Carter Rohn, and EmilyHernandez, conducted SIM-swap attacks between March 2021 and April 2023,stealing identities of 50 victims. SIM-swapping involved seizing control ofvictims' phone numbers to access online accounts. Hernandez, impersonating anFTX employee, accessed FTX wallets on November 11, 2022, siphoning $400 millionin cryptocurrencies. Some funds were laundered through Kraken, while othersmoved across various blockchains.
This article was written by Tareq Sikder at www.financemagnates.com.
World Crypto Global
