Aug. 25 (UPI) — The Securities and Exchange Commission is investigating Situational Awareness, the Artificial Intelligence-focused hedge fund run by a 24-year-old.

The fund nearly collapsed last month when it dipped from about $45 billion to $10 billion in a late-July tech sell-off.

The SEC sent subpoenas to banks that provided loans for leveraged trading, The New York Times reported. The subpoenas wanted details on the timing of the trades and communications with lenders. They also told the banks to save any information about Situational Awareness.

The SEC investigates any fund that has large losses, and Situational Awareness has not been accused of any wrongdoing.

“It is to be expected that regulators would closely examine any funds that are high profile, produce significant returns or have particularly dramatic drawdowns,” a Situational Awareness spokesperson said in a statement. “We are a highly regulated business and will cooperate to the fullest extent with any regulatory request.”

The fund, at its highest mark, managed more than $30 billion and borrowed billions more. It was a client of firms that included Bank of America, Citi, Goldman Sachs and JPMorgan Chase, according to a regulatory filing.

The fund was founded and is managed by Leopold Ashcenbrenner, a young German Columbia University alum who last worked as a researcher at OpenAI. Aschenbrenner founded the fund at age 22. He named it after an essay that he wrote about the future of AI.

When the fund’s value plummeted in July, Aschenbrenner was forced to sell much of its portfolio to Citadel at a large discount. Citadel founder Ken Griffin told investors in a letter Friday that it has since sold about 80% of the risk from the Situational Awareness portfolio. Two of the positions Situational Awareness sold, SK Hynix and CoreWeave, have since rallied, CNBC reported.