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%.
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