Crypto News- A client of the crypto hedge fund Tyr Capital, identified as TGT, has reportedly entered into a heated dispute with the firm over its investments in the now-defunct digital assets exchange, FTX. According to a recent article by the Financial Times, TGT has accused Tyr of severe mismanagement, even going as far as labeling it “criminal.” The situation has escalated to the point where Swiss authorities have conducted a raid on Tyr’s offices following the allegations.
Swiss Crypto Hedge Fund Tyr Capital Faces Client Dispute Over FTX Holdings, Reports FT
TGT, seeking to sever ties with Tyr, is pursuing the recovery of its remaining assets, which includes a substantial $22 million claim against FTX. The collapse of FTX, once celebrated in the crypto sphere, sent shockwaves through the industry after revelations of alleged manipulation involving its native token, FTT, surfaced in a CoinDesk report back in 2022. This debacle, which ultimately led to the downfall of FTX’s founder Sam Bankman-Fried’s vast empire, cast a shadow over the entire crypto market for over a year.
Amidst the turmoil, TGT claims it raised concerns about FTX to Tyr between November 7th and November 10th, 2022. However, Tyr, under the leadership of former Deutsche Bank executive Edouard Hindi, reportedly only withdrew its assets from FTX on the day the exchange filed for bankruptcy, according to court filings cited in the report.
Furthermore, TGT alleges that Tyr disregarded an internal risk policy, which limited exposure to any single party to 15% of assets. Tyr, on the other hand, has vehemently denied these allegations, asserting that the information shared with journalists is inaccurate and unsubstantiated.
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