- An investor has accused a Swiss hedge fund of willfully ignoring warnings about the potential bankruptcy of FTX.
- TGT believes that Tyr Capital’s management is guilty of criminal negligence regarding the management of the financial structure.
- In August 2023, the hedge fund’s offices were searched and documents were seized.
TGT sued the Swiss hedge fund Tyr Capital Partners for ignoring warnings about the impending bankruptcy of the cryptocurrency exchange FTX, writes FT.
The investor claims that between November 7 and November 10, 2022, several times brought to the attention of Tyr’s management information about the probable collapse of the firm. The hedge fund did not heed the warnings and attempted to withdraw its assets from FTX only after the exchange declared bankruptcy, TGT claims.
According to court documents, the investor sued Tyr Capital in April 2023. The reason cited was criminal negligence of the organization’s management regarding the financial structure’s maladministration.
A few months after that in the office of the hedge fund was searched, which was initiated by the Swiss prosecutor’s office, writes FT. It is alleged that law enforcers seized some of the documentation.
According to media reports, Tyr has also filed a lawsuit against FTX for $22 million. The company is trying to recover its assets lost as a result of the collapse of the cryptocurrency exchange.
As for Tyr Capital, the hedge fund has $140 million in assets under its control. The organization’s main revenues are related to trading operations focused on price changes in cryptoassets such as bitcoin and Ethereum.
Tyr Capital representatives claim that they acted in accordance with the law and existing arrangements. According to the representatives of the fund, TGT has no legal reasons for claims.
Recall, we wrote that FTX creditors filed a lawsuit against the lawyers supervising the bankruptcy of the exchange.
