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According to the report, Tyr has been accused of "criminal" mismanagement by one of its clients, TGT. The Swiss prosecutor's office reportedly raided Tyr's offices in response to these allegations. TGT seeks to close its account with Tyr and recover remaining assets, including a $22 million claim against FTX. 
<a href="https://financefeeds.com/sam-bankman-fried-acquitted-of-400-million-ftx-hack/">FTX</a>, once the world’s second largest crypto exchange, collapsed in 2022 following a <a href="https://financefeeds.com/coindesk-ceo-and-top-execs-depart-after-bullish-buyout/">CoinDesk</a> report exposing how the exchange and its affiliate, Alameda Research, manipulated reserves using their native FTT token. The downfall of FTX founder Sam Bankman-Fried's empire triggered a series of bankruptcies, plunging the crypto market into a year-long winter. 
The fallout from FTX's collapse had ripple effects on companies directly or indirectly linked to the exchange. TGT asserts that it raised concerns about FTX between November 7, 2022, and November 10, 2022. However, Tyr, under the leadership of ex-Deutsche Bank executive Edouard Hindi, reportedly withdrew assets from FTX only on the day it filed for bankruptcy, according to a court filing cited in the report. 
TGT, which manages investments for other companies like crypto platform Yield, further alleges that Tyr disregarded an internal risk requirement that limits exposure to any single party to 15% of assets. Tyr refutes TGT's claims, as stated in the report. 
Adam Wurf, a representative for Tyr, countered the allegations, stating, "The information made available to journalists is false and wholly disputed. There is no valid legal claim that can be asserted by Yield App (TGT LP/GP) against the company." 
Earlier this month, FTX said it will fully repay its former customers, despite shelving plans to restart the exchange. The exchange, which fell into bankruptcy in late 2022 under the leadership of then-CEO&nbsp;<a href="https://financefeeds.com/sam-bankman-fried-could-face-115-year-sentence-in-ftx-case/">Sam Bankman-Fried</a>, has faced turbulent times. Bankman-Fried was later found guilty of defrauding customers, lenders, and investors of the exchange. Despite these challenges, FTX lawyer Andrew Dietderich said in a court hearing that the exchange anticipates having enough funds to settle all allowed claims from customers and creditors in full.

Hedge fund Tyr Capital faces dispute over exposure to FTX

FinanceFeeds

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