Bankrupt crypto exchange FTX is attempting to reclaim $460 million of supposedly appropriated customer funds from venture capital firm Modulo Capital, which obtained a substantial investment from Alameda Research in 2021.
Per a March 22 filing, FTX posits that Alameda Research — FTX’s affiliated trading firm — invested around $400 million in Modulo in 2022, under Sam Bankman-Fried’s management.
On June 16, Alameda entered into a limited partnership agreement with Modulo, resulting in the exchange of the previously mentioned funds for a 20% ownership of Modulo’s Class A shares.
According to bankruptcy regulations, payments made to entities prior to the bankruptcy filing can be recouped and redistributed to creditors. Although unsecured creditors are eligible for a 90-day clawback period, insiders – which include general partners – are subject to a one-year clawback.
