Modulo Capital was founded in March 2022 by Duncan Rheingans-Yoo and Xiaoyun Zhang.2) Alameda Research provided two grants totalling $400 million in the third and fourth quarters of 2022.3)
Rheingans-Yoo and Zhang both formerly worked at Jane Street Capital.4) Zhang was reportedly romantically involved with Sam Bankman-Fried, who also worked at Jane Street.
Court documents filed on March 22, 2023 revealed that Modulo and its directors agreed to return $404 million in cash and $56 million in assets held within FTX's frozen funds, as part of the settlement proceedings after the cryptocurrency exchange's collapse in late 2022.5)