FTX is trying to get back $400 million sitting in a JPMorgan account that Sam Bankman-Fried had previously invested in an obscure hedge fund: report

• FTX and Modulo Capital are negotiating the return of a $400 million investment from Sam Bankman-Fried, according to the New York Times.
• Modulo received one of Bankman-Fried's single-largest investments shortly before FTX collapsed.
• The $400 million is being held in a JPMorgan Chase account because the bank served as the hedge fund's prime broker.

Lawyers for FTX are trying to claw back $400 million that disgraced founder Sam Bankman-Fried invested in little-known trading firm Modulo Capital, funds that are now reportedly sitting in a JPMorgan Chase account.

Around the time FTX filed for bankruptcy late last year, Modulo's holdings were converted into cash and placed in an interest-bearing account at the bank, according to the New York Times Wednesday, citing sources familiar.