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Crypto Firm Multicoin Expects Contagion from FTX to Wipe out Many Trading Firms in Coming Weeks

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Crypto venture firm Multicoin Capital told investors in a letter on Thursday that FTX’s collapse and the price declines across the industry have pushed the fund down by 55% this month, and added that the market is poised to get worse before it rebounds. Multicoin said there’s a chance the firm will recover some of its funds from FTX, but because those assets are now wrapped up in bankruptcy proceedings, it anticipates marking them down to zero. It’s a stark reversal for five-year-old Multicoin, which announced a $430 million fund in July, its third and largest to date. (CNBC)

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