Multicoin is a venture capital that suffered a lot from the FTX crisis. About 10% of the fund’s assets were stuck at FTX after the exchange announced it was shutting down withdrawals.
The reason for the rapid decline of more than half of Multicoin Capital’s assets in just the past fortnight is because the fund decided to bring the value of investments in FTX to zero.
According to Blockworks:
Multicoin, one of the largest and oldest investment managers in the sector — and often considered one of the more savvy — would like to write down all of its FTX positions to zero for the time being, with the final say going to the fund’s auditors and administrators.
The move explains in part the precipitous 55% drop in slightly more than half a month. But it doesn’t account for the entire downturn.
In addition, Multicoin Capital has also informed its partners that the fund is implementing new risk control measures, which include a number of infrastructure and operational improvements.
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