1 year ago
Alameda Research and Terra’s Do Kwon-backed crypto hedge money Pangea Fund Management is rebranding to Syncracy Capital aft 7 months of silence.
The hedge fund’s website shows nary coagulated improvement oregon concern it has made. Its authoritative Twitter relationship has lone 7 tweets -two of which were made successful May 2022, during the tallness of the Terra Luna crash, portion 3 were from 2021.
In May, Bloomberg reported that Ryan Watkins and Daniel Cheung founded the hedge fund. The duo secured $85 cardinal successful a backing circular that included Bain Capital and ParaFi Brad Burnham, co-founder of Union Square Ventures, Apollo Global Management co-founder Josh Harris, and Multicoin.
Watkins said the hedge money would put successful the aboriginal winners successful each crypto category. He added that different crypto hedge funds focused connected investing successful “early-stage” start-ups were doing truthful astatine “inflating valuations.”
Why is the hedge money rebranding?
Watkins tweeted that the rebranded hedge fund’s strategy remains the same. According to him, Syncracy “is a thesis-driven hedge money making precocious conviction, concentrated investments successful the secular winners of the crypto economy.”
He added that the hedge money was looking to “support the crypto economy’s starring infrastructure protocols arsenic they thrust up the S curve to planetary adoption.”
Meanwhile, the hedge money is recruiting and has hired Shaun Mulreed arsenic its Chief Operating Officer and Wilson Withiam as its Head of Research.
Syncracy Capital was yet to respond to CryptoSlate’s petition for remark arsenic of property time.
Investors nether spotlight
Since the hedge money launched, Do Kwon and Alameda Research person travel nether immense scrutiny.
Alameda probe precocious went bankrupt. The firm’s erstwhile CEO, Caroline Ellison, pled blameworthy to transgression charges. The US SEC accused her of manipulating FTX’s FTT terms and misusing FTX lawsuit funds to enactment Alameda’s trading activity.
FTX’s CEO, John Ray, accused the erstwhile absorption of the crypto empire of not keeping records of their investments and activities.
Meanwhile, Do Kwon has been declared wanted by South Korea for his relation successful Terra’s illness and was reportedly located successful Serbia.
The station Alameda, Do Kwon-backed hedge money breaks soundlessness to denote rebranding appeared archetypal connected CryptoSlate.
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