Modulo Capital
History
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)
1)
Modulo Capital Inc. (2022, May 12). OpenCorpData. https://web.archive.org/web/20230227232330/https://opencorpdata.com/lei/54930045ZHKHMNTL1U56
2)
Yaffe-Bellany, D., Goldstein, M., & Jones, Jr., R. (2023, January 24). The Unknown Hedge Fund That Got $400 Million From Sam Bankman-Fried. The New York Times. https://web.archive.org/web/20230322180228/https://www.nytimes.com/2023/01/24/business/ftx-sbf-modulo-capital.html
3)
Syme, P. (2023, January 25). Sam Bankman-Fried gave $400 million to an obscure crypto-trading firm cofounded by a Jane Street trader just 2 years out of college, report says. Business Insider. https://web.archive.org/web/20230128191848/https://www.businessinsider.com/sam-bankman-fried-gave-400m-to-obscure-crypto-trading-firm-2023-1
4)
Rennison, J., Yaffe-Bellany, D., & Goldstein, M. (2023, February 21). “Effective Altruism” Led Bankman-Fried to a Little-Known Wall St. Firm. The New York Times. http://archive.today/2023.02.22-010711/https://www.nytimes.com/2023/02/21/business/bankman-fried-altruism-jane-street.html
5)
Tiny Modulo Capital Returns Huge FTX Investment to Debtors. (2023, March 23). PYMNTS. https://web.archive.org/web/20230324014332/https://www.pymnts.com/cryptocurrency/2023/tiny-modulo-capital-returns-huge-ftx-investment-to-debtors/