Tuesday, May 28, 2024


Matthew Graham’s Sino Global Capital has filed a $67.3 million claim against FTX Trading Ltd. on behalf of Sino’s Liquid Value fund, which it rolled out in conjunction with Sam Bankman-Fried in 2021.

CoinDesk - Unknown
Note: Maclaurin Investments was a company affiliated with Alameda Ventures

The fund aimed to raise $200 million and primarily targeted high net worth individuals. This approach marked a departure for Sino, as it was the first time the firm sought outside capital through a formal fund vehicle.

In marketing material promoting the fund, FTX was described in the slide deck as a “co-GP and anchor LP”, with the potential to unlock “significant strategic value” through exposure to Bankman-Fried’s universe of tokens. As of January 2022, the fund had already raised $90 million, with FTX as an anchor investor.

CoinDesk - Unknown
(Sino Global Capital)

Initially, Sino Global said that its “direct exposure to FTX exchange was confined to mid-seven figures held in custody.”

Bankman-Fried was listed as an indirect investor in the fund on SEC filings from 2022, alongside Alameda Research, subsidiary Alameda Ventures and Graham.

CoinDesk - Unknown
(Securities and Exchange Commission)

As of 2023, the fund is no longer registered with the SEC though it remains active with the Cayman Islands Monetary Authority.

A spokesperson for Sino Global previously told CoinDesk that a significant focus of the fund’s investing efforts has been on infrastructure and gaming.

Shortly after the collapse of FTX, Sino released a statement saying that it “trusted FTX to be a good actor committed to pushing the industry forward. “We deeply regret that misplaced trust.”

In mid-July, Sino Global announced that it had hired former FTX COO Constance Wang, once described as Bankman-Fried’s “right hand” in his fundraising drive, to be its head of gaming.

Edited by Stephen Alpher.





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#Sino #Global #Files #67M #Claim #FTXAlameda

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