Overview
- Co-founder Nicholas Hammer has stepped down, and the company website lists Joseph Perry as interim CEO.
- Client deposits and withdrawals have been suspended since Feb. 11, with no stated timeline for resumption.
- Roughly $75 million in lending losses are reported to have fueled the firm’s liquidity strain.
- Management and investors are reportedly seeking a buyer or strategic partner to stabilize the business.
- Limited trading to open or close positions continues under restrictions, and the firm says it handled over $60 billion in 2025 for about 2,000 institutional clients.