Alameda, Do Kwon-backed hedge fund breaks silence to announce rebranding

Alameda Research and Terra’s Do Kwon-backed crypto hedge fund Pangea Fund Management is rebranding to Syncracy Capital after seven months of silence.

The hedge fund’s website shows no solid development or investment it has made. Its official Twitter account has only seven tweets -two of which were made in May 2022, during the height of the Terra Luna crash, while three were from 2021.

In May, Bloomberg reported that Ryan Watkins and Daniel Cheung founded the hedge fund. The duo secured $85 million in a funding round that included Bain Capital and ParaFi Brad Burnham, co-founder of Union Square Ventures, Apollo Global Management co-founder Josh Harris, and Multicoin.

Watkins said the hedge fund would invest in the early winners in each crypto category. He added that other crypto hedge funds focused on investing in “early-stage” start-ups were doing so at “inflating valuations.”

Why is the hedge fund rebranding?

Watkins tweeted that the rebranded hedge fund’s strategy remains the same. According to him, Syncracy “is a thesis-driven hedge fund making high conviction, concentrated investments in the secular winners of the crypto economy.”

He added that the hedge fund was looking to “support the crypto economy’s leading infrastructure protocols as they ride up the S curve to global adoption.”

Meanwhile, the hedge fund is recruiting and has hired Shaun Mulreed as its Chief Operating Officer and Wilson Withiam as its Head of Research.

Syncracy Capital was yet to respond to CryptoSlate’s request for comment as of press time.

Investors under spotlight

Since the hedge fund launched, Do Kwon and Alameda Research have come under immense scrutiny.

Alameda research recently went bankrupt. The firm’s former CEO, Caroline Ellison, pled guilty to criminal charges. The US SEC accused her of manipulating FTX’s FTT price and misusing FTX customer funds to support Alameda’s trading activity.

FTX’s CEO, John Ray, accused the previous management of the crypto empire of not keeping records of their investments and activities.

Meanwhile, Do Kwon has been declared wanted by South Korea for his role in Terra’s collapse and was reportedly located in Serbia.