SCOOP: What is Modulo Capital? SBF_FTX's Alameda Research seeded a little-known trading operation with $400m. Modulo Capital was founded in early 2022 by a trio of ex-Jane Street traders and operated in the Bahamas. 0x_tracy reports
, the same luxury condominium complex where Bankman-Fried and other FTX and Alameda employees resided.Bankman-Fried’s Cabal of Roommates in the Bahamas Ran His Crypto Empire – and Dated. Other Employees Have Lots of Questions
Modulo traded crypto as well as traditional financial assets, two people familiar with the matter said. Modulo approached several traditional financial institutions for funding before taking on Alameda as its sole investor, one of the people added. A person familiar with the matter confirmed that Alameda did indeed invest $400 million into Modulo.
“It didn’t strike me as that crazy. Sam liked to throw money at things that were positive [expected value] and ex-Jane Street people seem relatively positive EV,” the person told CoinDesk. “It was better than some of the trash Alameda was throwing money at.” Alameda’s investments are under heavy scrutiny as creditors await repayment from a grueling bankruptcy process involving the company and its sibling, FTX, a crypto exchange. Inbefore the U.S. House Financial Services Committee last week, new FTX CEO John J. Ray III said the deficit was estimated at $8 billion and “a complete lack of recordkeeping” has made it challenging to trace the money trail.
The list of investments on the spreadsheet also led to shocking revelations about how far Bankman-Fried’s ties stretched, including speculation over whether or not he improperly used his money to buy influence or enrich associates. In addition to the $400 million Modulo investment, Alameda also
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