MultiCoin lost more than half of the capital of his cryptofond this month: sources

MultiCoin lost more than half of the capital of his cryptofond this month: sources

The asset manager MultiCoin Capital, geared towards cryptocurrencies, lost more than half of the capital of his flagship fund in about two weeks.

The decline of about 55 % - one of the worst in the history of multicoin - was triggered into the bankrupt

The number excludes investments driven into the side pocket. The astonishing decline reflects the 9.7 % of the fund's assets, including non -wound derivatives that were kept by FTX.

Multicoin, one of the largest and oldest investment managers in the industry-and often regarded as one of the wiser-would like to write off all of its FTX positions to zero, with the last word among the funds' auditors lies administrators.

This movement partly explains the steep decline by 55 % in just more than half a month. But it does not explain the entire downturn.

Multicoin has no plans to close the shop, close its flagship or convert it into its own commercial company, said sources. It is also in the process of introducing a number of operating and infrastructure improvements, including efforts to reduce the risk of opponent.

other factors behind the losses said sources: A long-standing bullish thesis on $ sol, Solana's native token (once Bullische $ Sol supporters, given the role of Sam Bankman-Fried in the early days of the Proof-of-Stake, sold protocol); Solana-based assets, including mango, with FTX being the only available US counterpart; Ftx.us share participation; And outstanding derivative contracts.

It could be worse.

On November 6, MultiCoin held about 13 % of the vehicle's assets on FTX. In a short time-with repeated follow-ups in the following days-the company placed a number of payment applications to FTX. Not all returns have been met, as with many competitors of the asset manager.

Fort n e and previously reported multicoin the updated number for incorporated money, not that Companies started with about 13 %.