Have you heard of Invictus Capital? Their story is pretty wild

Way back in 2017 Invictus Capital released what I believe was the very first tokenised crypto index fund in the form of Crypto20. They seemed very slick, professional & expanded quickly, launching a number of other funds before eventually becoming the first fully regulated crypto index fund in 2021.

So far, so good - but it all came apart earlier this year. Funds which held any sort of cash or stablecoin position were held in Anchor, allowing them to skim off the top. When it started to collapse, management did nothing, stating they believed it would regain its peg, despite the community desperately wanting out.

When it didn’t, they lost huge amounts of money (both their own and investors) and were plunged into administration - all withdrawals were suspended and the funds completely frozen… and it was only at this point that it emerged not only had they put as much cash as possible onto Anchor, they were also putting almost all the crypto into Celsius. Fuck.

One thing they did right at least was to hire real big guns to help with administration: Alvarez & Marsal. These guys work with some or the largest companies in the world, even dealing with the biggest insolvency ever with the Lehman Brothers. These guys know what they’re doing, and to be honest, you probably couldn’t pick a better company to try to steady the ship.

So anyway, it turns out that A&M parked the remaining crypto funds in FTX.