SCOOP: Multicoincap's hedge fund lost 91.4% in 2022, according to the firm’s annual letter to investors. The firm took steps to “mitigate counterparty risks” and set up a side pocket for assets impacted by the FTX bankruptcy. 0x_tracy reports
“While the fund successfully dodged the catastrophic implosions of LUNA and Three Arrows Capital earlier in the year, we didn’t avoid the explosive revelations about FTX nor the subsequent contagion that spread across the market,” said the letter. “After a remarkable year in 2021, our performance in 2022 was the worst since inception.
Despite the massive drawdown, Multicoin’s hedge fund remains up 1,376% net of fees from its inception through 2022. As the broader crypto market rebounded from last year’s lows, Multicoin reported that the fund gained 100.9% in January 2023, bringing the fund’s inception-to-January return to 2,866%.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
FTX Confirms $9 Billion in Customer Funds VanishedAccording to a customer presentation, ex-FTX CEO Sam Bankman-Fried allegedly let Alameda borrow $9.3 billion from customer accounts.
Read more »
FTX presentation shows 'massive shortfall' in firm's assetsCrypto exchange FTX has presented further information on the firm's assets, revealing billions of dollars are missing from exchange wallets and cash accounts.
Read more »
FTX has $9.5 billion shortfall in cash, top crypto to repay customersFTX has a massive $9.5 billion shortfall in top crypto and cash needed to repay customers, the bankrupt exchange's new bosses say
Read more »
Crypto Long & Short: Decentralized Exchange Research Ramps upThe metaverse is expected to grow tenfold over the next seven years as brands from Starbucks to the NBA get involved. That could mean huge profits for investors who purchase tokens that represent the virtual world.
Read more »
FTX: 'Massive Shortfall' in Liquid Assets Far Worse Than Thought | CoinMarketCapThe post-bankruptcy management of Sam Bankman-Fried's FTX exchange has found less than $700 million in highly liquid assets against $10.5 billion owed to customers.
Read more »