Crypto hedge fund Tyr Capital is embroiled in a contentious
dispute with one of its clients regarding its exposure to the bankrupt digital
assets exchange FTX.
etoro: Experience a reliable, user-friendly platform trusted by millions. Stay ahead in the crypto world. Board the Crypto Train now!
Tyr Capital stands accused of “criminal”
mismanagement by one of its clients, TGT, prompting a Swiss prosecutor to raid
Tyr’s offices. TGT is now seeking to close its account with Tyr and recover
remaining assets, which includes a substantial $22 million claim against FTX, as
reported by the Financial Times on today (Tuesday).
The collapse of FTX, once hailed as a leading player in the
crypto industry, traces back to 2022 following a damning report by CoinDesk.
The report detailed how FTX and its sister company, Alameda Research, allegedly
manipulated reserves using their native FTT token. The fallout led to the
demise of Sam Bankman-Fried’s multi-billion dollar empire and cast a pall over
the crypto market for months.
TGT alleges that it had voiced concerns about FTX between
November 7, 2022, and November 10, 2022. However, Tyr Capital, led by former
Deutsche Bank executive Edouard Hindi, only withdrew assets from FTX on the day
the exchange filed for bankruptcy, according to a court filing cited in the
report.
Keep Reading
Tyr Capital Denies Allegations of Mismanagement
Moreover, TGT, which manages investments from various
companies including crypto platform Yield, claims that Tyr Capital disregarded
an internal risk requirement limiting exposure to any single party to 15% of
assets. Tyr Capital has refuted these allegations, as outlined in the Financial
Times report. The collapse of FTX has sent shockwaves
through the crypto industry, impacting numerous companies directly or
indirectly 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, 2024
FTX Hacked: Three Individuals Charged in $400 Million
SIM-Swap Attack
US
federal prosecutors have charged three individuals for their involvement in
a $400 million hack of crypto exchange FTX, utilizing the SIM-swap technique,
as reported by Finance Magnates.
The perpetrators, Robert Powell, Carter Rohn, and Emily
Hernandez, conducted SIM-swap attacks between March 2021 and April 2023,
stealing identities of 50 victims. SIM-swapping involves seizing control of
victims’ phone numbers to access online accounts. Hernandez, impersonating an
FTX employee, accessed FTX wallets on November 11, 2022, siphoning $400 million
in cryptocurrencies. Some funds were laundered through Kraken, while others
moved across various blockchains.
Crypto hedge fund Tyr Capital is embroiled in a contentious
dispute with one of its clients regarding its exposure to the bankrupt digital
assets exchange FTX.
Tyr Capital stands accused of “criminal”
mismanagement by one of its clients, TGT, prompting a Swiss prosecutor to raid
Tyr’s offices. TGT is now seeking to close its account with Tyr and recover
remaining assets, which includes a substantial $22 million claim against FTX, as
reported by the Financial Times on today (Tuesday).
etoro: Experience a reliable, user-friendly platform trusted by millions. Stay ahead in the crypto world. Board the Crypto Train now!
The collapse of FTX, once hailed as a leading player in the
crypto industry, traces back to 2022 following a damning report by CoinDesk.
The report detailed how FTX and its sister company, Alameda Research, allegedly
manipulated reserves using their native FTT token. The fallout led to the
demise of Sam Bankman-Fried’s multi-billion dollar empire and cast a pall over
the crypto market for months.
TGT alleges that it had voiced concerns about FTX between
November 7, 2022, and November 10, 2022. However, Tyr Capital, led by former
Deutsche Bank executive Edouard Hindi, only withdrew assets from FTX on the day
the exchange filed for bankruptcy, according to a court filing cited in the
report.
Keep Reading
Tyr Capital Denies Allegations of Mismanagement
Moreover, TGT, which manages investments from various
companies including crypto platform Yield, claims that Tyr Capital disregarded
an internal risk requirement limiting exposure to any single party to 15% of
assets. Tyr Capital has refuted these allegations, as outlined in the Financial
Times report. The collapse of FTX has sent shockwaves
through the crypto industry, impacting numerous companies directly or
indirectly 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, 2024
FTX Hacked: Three Individuals Charged in $400 Million
SIM-Swap Attack
US
federal prosecutors have charged three individuals for their involvement in
a $400 million hack of crypto exchange FTX, utilizing the SIM-swap technique,
as reported by Finance Magnates.
The perpetrators, Robert Powell, Carter Rohn, and Emily
Hernandez, conducted SIM-swap attacks between March 2021 and April 2023,
stealing identities of 50 victims. SIM-swapping involves seizing control of
victims’ phone numbers to access online accounts. Hernandez, impersonating an
FTX employee, accessed FTX wallets on November 11, 2022, siphoning $400 million
in cryptocurrencies. Some funds were laundered through Kraken, while others
moved across various blockchains.